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Technology Stocks : Vitesse Semiconductor -- Ignore unavailable to you. Want to Upgrade?

To: OldAIMGuy who wrote (2049)	11/23/1998 6:49:00 PM
From: The Ox	Read Replies (1) \| Respond to of 4710

Me too, I pulled the trigger on 33% of my VTSS holdings, I got 38 3/4 very near the close. Will hold the the rest of my VTSS and add if we have a significant drop. After the bell news: Vitesse Semiconductor Corp. to Acquire Vermont Scientific Technologies Inc CAMARILLO, Calif.--(BUSINESS WIRE)--Nov. 23, 1998--Vitesse Semiconductor Corp. (Nasdaq:VTSS) Monday announced that it has agreed to acquire all of the equity interests of Vermont Scientific Technologies Inc. (VTEK) for cash and notes. The transaction will be accounted for as a purchase and is expected to be completed before the end of November. Founded in 1992, VTEK provides integrated circuit design services to a variety of companies, primarily in the telecommunications industry. Drawing upon a strong team of engineers, VTEK has established sophisticated techniques and processes for developing VLSI (Very Large Scale Integrated) circuits in the areas of SONET, ATM, Frame Relay, TCP/IP, DSx protocols, RISC processor cores and switch fabrics. VTEK has 18 employees and is located in Bridgewater Corners, Vt. "The acquisition of VTEK adds considerable value to our existing design expertise, particularly in the SONET overhead processing area allowing us to further implement our strategy of adding additional layers of the communication hierarchy to our product portfolio," said Robert Nunn, Vitesse's general manager of the telecommunications division. "I look forward to valuable contributions from an organization whose design skills and attention to customer service have resulted in an excellent track record in a fast-growing market," he continued. Rich Broggi, VTEK's general manager, said, "Vitesse represents the perfect fit for VTEK. Both from a technology and a people standpoint we feel we are joining a winning team." Don Wemple, VTEK's president and chief executive officer, added, "The ability to respond to our customers' needs with quick turnaround of IC designs in a rapidly evolving telecommunications market has been the basis for our success and that of our customers. Vitesse's strength in manufacturing complements our design expertise and provides complete solutions for our customers." He concluded, "We look forward to playing a key role in strengthening Vitesse's leadership in the high-performance communications IC market." Vitesse Semiconductor Corp. is a world leader in the design, development, manufacturing and marketing of high bandwidth communications and Automatic Test Equipment (ATE) integrated circuits (ICs). The company's products address the needs of telecommunications, data communications and ATE equipment manufacturers who demand a combination of high speed, high complexity and low power dissipation. Vitesse has headquarters in Camarillo and manufactures volume ICs at its two fabrication facilities in Camarillo and Colorado Springs, Colo. Company/product information can be found on the Web at www.vitesse.com. The information in this news release contains forward-looking statements, including statements with respect to the anticipated timing of the acquisition of VTEK, that are within the meaning of Section 21E of the Securities and Exchange Act of 1934 and Section 27A of the Securities Act of 1933, which are subject to the "safe harbor" created by those sections. Investors are cautioned that such statements are only predictions and speak only as of the date of this release. Actual results may differ materially due to risks and uncertainties including, but not limited to, the ability of the company to conclude the acquisition as anticipated and the company's ability to successfully integrate the acquisition. --30--JS/np* AJE/la WJA/la CONTACT: Vitesse Semiconductor Corp., Camarillo Eugene F. Hovanec, 805/388-3700