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Gold/Mining/Energy : Tundra Semiconductor Corp -- Ignore unavailable to you. Want to Upgrade?

To: Ron Schier who wrote (29)	2/8/1999 10:34:00 PM
From: Ron Schier	Read Replies (1) \| Respond to of 46

Monday February 8, 5:29 pm Eastern Time Tundra launched in Toronto, eyes Nasdaq TORONTO, Feb 8 (Reuters) - Chip maker Tundra Semiconductor Corp. (Toronto:TUN.TO ), a former unit of Newbridge Networks Corp. (Toronto:NNC.TO), traded for the first time on Toronto's stock market on Monday but is already contemplating a move to Nasdaq. After the bell Tundra shares rose to as high as C$14.25 from their opening price of C$13.25 in very thin trading, but then retreated by mid-afternoon. The stock slid C$0.05 to C$13.20 on more than 85,000 shares. Tundra, which sells chips for embedded systems such as photocopiers, data and telecommunications equipment and even robotics systems, has come a long way since being spun off from computer networking and telecommunications equipment firm Newbridge Networks Corp. (NYSE:NN) in December 1995. ''I think we're going to get good visibility from the TSE offering but we will be able to extend it further down the road if we can, eventually do a Nasdaq (listing),'' said Adam Chowaniec, President and Chief Executive. ''We feel very positive with the response we've had with the over-the counter trading last week, which allowed us to put a 40-percent premium on C$9.25,'' Chowaniec added. Once Tundra's over-allotment is picked up by investors, Newbridge's stake will drop to 11 percent, he said. Kanata, Ont.-based Tundra will report on March 2 its results for its third quarter, which finished January 31. Revenues reached about C$20 million in fiscal 1998. Chowaniec targets steady, quarter-over-quarter growth because the market doesn't lend itself to a sharp uptick. ''We feel that the embedded market is a great place to build a business because it's got good growth rates.'' Sales are less cyclical than other chip industries and small companies can penetrate it more easily, he added.