OPTi Reports Sale of Semiconductor Business
BUSINESS WIRE - September 30, 2002 19:01
MOUNTAIN VIEW, Calif., Sep 30, 2002 (BUSINESS WIRE) -- OPTi Inc. (NASDAQ/NMS:OPTI) today announced that it has sold its semiconductor business to OPTi Technologies, Inc., an unaffiliated company formed to acquire the semiconductor business, for approximately $700,000 in cash plus future royalties. The maximum amount of the deal if the acquirer were to remit the full amount of royalties would be approximately $1,900,000 in cash.
Bernard Marren, CEO and President of OPTi, stated, "The Company had explored several options in regards to the sale of the business and determined that this was the best deal for the Company and our shareholders. This deal eliminates our risk in inventory and accounts receivable if the semiconductor market continues to have weakness and provides the Company with a revenue stream in the future. The sale also allows for the Company to continue to reduce our operating expenses as we focus on what we perceive to be the true value to our shareholders, which is our intellectual property. As previously stated the Company's Board determined that it would be prudent to postpone the liquidation plan to allow the Company more time to evaluate its intellectual property position, including the means by which it would pursue claims for the potential infringement of certain of its patents." |
