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Technology Stocks : Son of SAN - Storage Networking Technologies -- Ignore unavailable to you. Want to Upgrade?

To: Douglas Nordgren who wrote (962)	1/13/1999 10:52:00 PM
From: Douglas Nordgren	Read Replies (1) \| Respond to of 4808

VTSS Picks Up Serano biz.yahoo.com Wednesday January 13, 7:32 pm Eastern Time Company Press Release Vitesse Semiconductor Corp. to Acquire Serano Systems Corp. CAMARILLO, Calif.--(BUSINESS WIRE)--Jan. 13, 1999--Vitesse Semiconductor Corp. (Nasdaq:VTSS - news) Wednesday announced that it has agreed to acquire all of the equity interests of Serano Systems Corp. for common stock. The transaction, which will be accounted for as a pooling of interests, is expected to have no material impact on Vitesse's financial results. The transaction is expected to be completed before the end of January. Serano is a leader in enclosure- and platform-management solutions for fibre channel, and SCSI server and storage subsystems using industry-standard protocols (e.g. SES, SAF-TE and IPMI). Serano's semiconductors and software building blocks provide a reliable and easy-to-use means for storage area networks (SANs) to easily control configuration, monitor status and isolate faults in complex storage systems. Centralized system resource management applications can now access critical subsystem information (e.g. disk drive status, temperature, fan speed and power supply quality) as well as monitor the quality of service. This capability is required in high-availability, mission-critical applications requiring lights out, 24/7 operation. Serano has developed products that address both fibre channel and SCSI standards. The company has three products -- the SSC200, SSC100 and the SSC050 -- in production. These products are augmented with firmware applications that enable customization in a variety of platform topologies. Serano has 13 employees and is located in Colorado Springs, Colo. Vitesse is a leader in fibre channel, physical-layer semiconductors which provide critical, off-the-shelf solutions for FC-AL SAN subsystems such as Hubs and JBODs. High-end JBODs typically include both Vitesse's physical-layer devices as well as Serano's enclosure-management solutions. ''The acquisition of Serano solidifies our leadership role in fibre channel SAN solutions and provides one-stop shopping for our high-end JBOD customers,'' said Michael Millhollan, Vitesse's general manager of the data communications division. ''Furthermore, this allows Vitesse to extend this leadership role into SCSI and IPMI.'' ''We are very pleased to be joining an organization like Vitesse with a track record of developing highly innovative products,'' said Joe Edens, president and CEO of Serano. ''The real winner in this merger will be our customers. The synergies between the two companies will enable us to provide complete solutions for creating self-managed intelligent enclosures for the storage area network market.'' Vitesse is a world leader in the design, development, and 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. Company/product information can be found on the Web at vitesse.com. The information in this news release contains forward-looking statements, including statements with respect to the anticipated timing of the acquisition of Serano and statements related to the potential advantages of the transaction to Vitesse and Serano, 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, that 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.