To: John Rieman who wrote (32393 ) 4/20/1998 10:08:00 AM From: BillyG Read Replies (1) | Respond to of 50808
Who is Genesis Microchip? Genesis Microchip Takes Equity Position in Shamrock Semiconductor TORONTO--(BUSINESS WIRE)--April 20, 1998--Genesis Microchip Inc. (Nasdaq:GNSSF) a leader in imaging, digital video and graphics processing integrated circuits (ICs) , today announced it will take an equity position in Toronto-based start-up Shamrock Semiconductor. The new company will be headed by Lance Greggain, currently Genesis Microchip's vice president, research and chief technical officer. Shamrock Semiconductor will be a chip design center and will offer IC design consulting services. Genesis believes that Shamrock will allow it to expand product development and accelerate its product roadmap to meet the growing customer demand for its image processing ICs. Genesis Microchip and Greggain have entered into a transition and financing agreement that will initially provide Genesis with a 40 percent equity stake (non-voting) in the new company. Genesis will invest up to $500,000 (Canadian dollars) as part of a matching fund arrangement with Greggain in the initial equity financing plan for Shamrock. Paul M. Russo, Genesis Microchip's Chairman and Chief Executive Officer, commented on the news, "We are looking forward to continuing our relationship with Lance. We wish him much success and we will continue to utilize his design expertise through ongoing contracts with Shamrock." Lance Greggain stated, "My work with Genesis and its success in the market have made it possible for me to consider starting and operating my own business which will allow me to utilize my design capabilities and entrepreneurial skills." The financing will take effect June 1998, until which time Greggain will remain with Genesis. Genesis will immediately begin its search for a new chief technical officer. This news release may contain forward-looking statements that involve risks and uncertainties, including timely development, acceptance and pricing of new products, the impact of competitive products and pricing, general economic conditions and currency exchange rate fluctuations as they affect the Company's customers, as well as the other risks detailed from time to time in the Company's SEC reports. Genesis Microchip Inc. -- an ISO9001-registered company -- is a leader in imaging and digital video/graphics processing technologies. Customers include Apple Computer, CTX Opto Electronics Inc., Fujitsu Ltd., In Focus Systems, Intergraph Computer Systems, LG Electronics Inc., Philips Multimedia, Samsung Electronics Company Ltd., Silicon Graphics Inc., Tatung Co., Texas Instruments and more than 180 other companies. The Company's headquarters are in Markham, Ontario, and its worldwide sales office is located in Mountain View, Calif. CONTACT: Shelton Communications Group Vickie Gorton/Jodi Shelton, 972/239-5119 or Genesis Microchip Inc. Eric Erdman, 905/470-2742