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News Release
[INTERSIL LOGO]
FOR IMMEDIATE RELEASE:
Brent Dietz Meghan Dalton
Intersil Public Relations Intersil Investor Relations
Phone: (321) 729-5973 Phone: (949) 341-7062
E-mail: bdietz@intersil.com E-mail: mdalton@intersil.com
INTERSIL SIGNS DEFINITIVE AGREEMENT TO ACQUIRE SICOM, INC. --
ACQUISITION STRENGTHENS LEADERSHIP POSITION IN WIRELESS ACCESS
- - SiCOM acquisition adds Broadband Wireless Access (BWA) solutions to
Intersil's arsenal of high-data-rate communications products
IRVINE, Calif., October 17, 2000 - Intersil Corporation (NASDAQ: ISIL), a
leading provider of silicon technology for wireless access and communications
markets, announced today that it has signed a definitive agreement to acquire
Scottsdale, Arizona-based SICOM, INC. in an all-stock transaction. Completion of
the acquisition is subject to regulatory approval by the U.S. Federal Trade
Commission (FTC)
"The acquisition of SiCOM helps underscore Intersil's commitment to provide
wireless semiconductor and software architectures supporting the growing demand
for wireless access to broadband content within homes, offices, airports, hotels
and other public places," said Greg Williams, president and CEO of Intersil.
"SiCOM brings us a wealth of engineering talent, broadband wireless solutions
and an outstanding patent portfolio to Intersil. We believe that this
acquisition is a synergistic fit for us, bringing our customers closer to a
high-data-rate, end-to-end solution for wireless connectivity to broadband
content."
The SiCOM acquisition gives Intersil proprietary technologies for programmable
modem architectures, increased network capacity and reduced overall system
costs. SiCOM is a fabless semiconductor manufacturer that offers broadband modem
silicon reference designs and software, programmable Application Specific
Standard Parts (ASSPs) and board level products for equipment manufacturers
serving fixed wireless infrastructure and access markets.
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Williams added, "With the SiCOM and No Wires Needed acquistions complete and
strategic alliances with Silicon Wave and Sygate(R) Technologies (formerly
Sybergen Networks) well underway, we feel that we're building a strong
technology foundation to deliver wireless access solutions to our customers."
In connection with the acquisition, Intersil agreed to issue 3,605,778 shares of
its Class A Common Stock in exchange for all of SiCOM's outstanding securities.
ABOUT INTERSIL
Irvine, California-based Intersil uses its semiconductor expertise to enable
highly integrated voice, data and video communications. Intersil's integrated
communications portfolio includes PRISM(R) Wireless Local Area Network (WLAN)
chip sets that enable mobile connectivity products for the home and office;
analog and mixed-signal integrated circuits for broadband access to wireless and
wired Wide Area Networks (WANs); and power management products that enable 24x7
reliability in network servers, next generation PCs and information appliances.
For more information about Intersil, visit the company's Internet homepage at
www.intersil.com.
This press release contains information relating to the acquisition of SiCOM and
to the broadband wireless access market that are forward-looking statements as
defined in the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements are based upon management's current expectations,
estimates, beliefs, assumptions, and projections about our business and our
industry. Words such as "anticipates," "expects," "intends," "plans,"
"believes," "seeks," "estimates," "may," "will" and variations of these words or
similar expressions are intended to identify forward looking statements. In
addition, any statements that refer to expectations, projections or other
characterizations of future events or circumstances, including any underlying
assumptions, are forward looking statements. These forward-looking statements
are subject to certain risks, uncertainties and assumptions that are difficult
to predict. Therefore, our actual results could differ materially and adversely
from those expressed in the forward looking statements as a result of various
risk factors. Important risk factors that may cause such a difference for
Intersil Holding Corporation ("Intersil") in connection with the acquisition of
SiCOM include, but are not limited to, the risks inherent in acquisitions of
technologies and companies, including integration issues, unanticipated costs
and expenditures, changing relationships with customers and suppliers, potential
contractual, intellectual property, and employment issues, accounting treatment
and charges, and the risks that the acquisition cannot be successfully completed
or that the anticipated synergies and benefits cannot be realized; the rate at
which present and future customers adopt Intersil's and SiCOM's technologies and
products in the broadband wireless access market; delays in the adoption and
acceptance of industry standards in the broadband wireless access market; the
timing of customer/industry qualification and certification of Intersil's and
SiCOM's products and the associated risks of non-qualification and
non-certification. Important risk factors that may cause such material
differences for Intersil in connection with the broadband wireless access market
include, but are not limited to, the rate at which our present and future
customers and end-users adopt Intersil's wireless access technologies and
products; the timing, rescheduling or cancellation of significant customer
orders; the loss of a key customer; the qualification, availability and pricing
of competing products and technologies and the resulting effects on sales and
pricing of our products; silicon wafer pricing and the availability of foundry
and assembly capacity and raw materials; intellectual property disputes; as well
as other risk factors detailed from time to time in Intersil's filings with the
U.S. Securities & Exchange Commission ("SEC") which you may obtain for free at
the SEC's website at www.sec.gov. These forward-looking statements are made only
as of the date of this press release and Intersil undertakes no obligation to
update or revise these forward-looking statements.
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PRISM is a registered trademark of Intersil Corporation.
Sygate is a registered trademark of Sygate Technologies, Inc.