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Applied Micro Circuits Corporation (NasdaqGS:AMCC) (December 13, 2007) announced the completion of a 1-for-4 reverse stock split of all outstanding shares of its common stock. In addition, the authorized number of shares of common stock was reduced from 630 million to 375 million. The reverse stock split took effect at 11:59 pm, Eastern Time, on Monday, December 10, 2007. AMCC's common stock began trading on the NASDAQ Global Select Market on a split-adjusted basis on December 11, 2007, under the temporary trading symbol ''AMCCD''. The trading symbol will revert to ''AMCC'' after 20 trading days.
Applied Micro Circuits Corporation provides semiconductors and printed circuit board assemblies for the communications and storage markets. It engages in the design, development, marketing, and support of integrated circuit products, embedded processors, and storage components for processing, transporting, and storing of information. The company's products include integrated communications products used in various communication equipments, including routers, optical and digital cross connects, voice and media gateways, add/drop multiplexers, multi service provisioning platforms, multi service switches, digital subscriber line access multiplexers, and wireless base stations and access points; and storage products. Its integrated communications products include physical layer products for converting high-speed serial formats to low-speed parallel formats for the framing layer; framer and pointer processor products used in transmission equipments, such as multi-service provisioning platforms, add drop multiplexors, digital and optical cross-connects, edge and core routers, and dense wave division multiplexors; packet processing products that receive and transmit signals to and from the framing layer; cell switching products used in switching layer products; and embedded processor products, which are deployed in various applications wireless infrastructure, wireless LAN and, high-end storage markets. The company's storage products include RAID controllers that are installed in a PCI slot on motherboard and delivers storage for servers and network attached storage devices; and embedded processors used in controller, switches, adapters, servers, and RAID systems. It also sells automated test equipment, and military and computing products. The company markets its products through a network of independent manufacturers' representatives and distributors in North America, Europe, Israel, and Asia. The company was founded in 1979 and is headquartered in Sunnyvale, California.
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STMicroelectronics (NYSE: STM - News) and Genesis Microchip Inc. (Nasdaq: GNSS - News)(December 13, 2007) announced that they have entered into a definitive agreement for STMicroelectronics to acquire Genesis Microchip. The acquisition confirms STMicroelectronics as a leading System-on-Chip (SoC) technology provider to the rapidly growing digital television and display markets. Under the terms of the agreement, STMicroelectronics will commence a cash tender offer to purchase all of the outstanding shares of Genesis Microchip Inc. for $8.65 per share, net to the holder in cash, implying a total equity value of approximately $336 million. Following completion of the tender offer, STMicroelectronics will complete a second-step merger in which any remaining common shares of Genesis Microchip Inc. will be converted into the right to receive the same per share price paid in the tender offer. The offer price represents a premium of 60% to Genesis Microchip's closing share price on Monday, December 10, 2007 and 26% to the average closing share price during the last sixty trading days prior to this announcement. During the twelve months ended September 30, 2007, Genesis reported revenues of $191 million. As of September 30, 2007, Genesis Microchip's cash and cash equivalents and short-term investments totaled approximately $183 million. STMicroelectronics will finance the acquisition using existing cash on its balance sheet.
Genesis Microchip, Inc. engages in the design, development, and marketing of integrated circuits that manipulate and process digital video and graphic images. It offers display controllers that receive and process analog and digital video and graphic images for viewing on a flat-panel display. Its display controllers are used in applications, such as flat-panel computer monitors, liquid crystal display televisions, plasma televisions, digital cathode ray tube televisions, digital televisions, and other display devices in the consumer electronics market. Genesis Microchip sells and markets its products directly, as well as through regional sales representatives and distributors primarily in China, Japan, South Korea, Taiwan, and Europe, as well as in the United States.
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Smith Micro Software, Inc. (NASDAQ:SMSI)(December 13, 2007), a leading developer and marketer of software and services for the wireless market, and PCTEL, Inc., a developer of wireless broadband solutions, announced a definitive asset purchase agreement for Smith Micro Software to acquire PCTEL's Mobility Solutions Group ("MSG") for $59.7 million, to be paid at closing of the transaction. PCTEL's MSG, with their innovative technologies, has pioneered mobility solutions for cellular and IP wireless networks including advanced support for technologies such as 3G, Wi-Fi, WiMax, VoIP and IMS software for converged mobile handsets. The richly-featured portfolio of products serves wireless carriers, device manufacturers, network solution providers and enterprise customers with a complete range of communication clients for PC and mobile handset platforms.
Smith Micro Software, Inc. and its subsidiaries engage in the development and marketing of wireless communications software products and services. The company offers products in the technology and communication-related markets, including wireless, mobile music, data compression, and diagnostic and utility software. Smith Micro's products comprise original equipment manufacturer wireless products, such as QuickLink Mobile, V CAST Music Essentials Kit, QuickLink Mobile Manager, QuickLink Music, QuickLink Media, QuickLink Wi-Fi, and QuickLink PhoneManager, which enable or enhance broadband wireless, multimedia services, and management tools offered by wireless operators and mobile device manufacturers. It also offers wireless enterprise product that includes QuickLink Mobile Enterprise, which provides security and support for enterprise customers. In addition, the company offers wireless compression products, such as StuffIt Wireless and StuffIt Image that enable compression of data files to facilitate storage in mobile devices and transmission over wireless networks. The company also provides consulting, Web site hosting, and fulfillment services. It offers software products for Windows, Mac, Unix, Linux, and Windows Mobility operating systems. The company serves original equipment manufacturers market, primarily wireless service providers, mobile device manufacturers, hardware manufacturers, and corporations worldwide.
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Sinovac Biotech Ltd. (Amex: SVA)(December 13, 2007), a leading provider of vaccines in China, announced unaudited financial results for the three months ended September 30, 2007. The third quarter financial results were reviewed by Ernst & Young, the Company's external auditor. Third Quarter Highlights -- Sales increased 141% year-over-year to $10.8 million -- Gross profit grew 266% year-over-year to $9.2 million -- Operating income rose 691% year-over-year to $4.0 million -- Net income increased to $2.2 million -- Launched marketing campaign for Anflu(TM) after entering into exclusive promotion agreement with GSK China About Sinovac Biotech, Ltd.
Sinovac Biotech, Ltd., a biopharmaceutical company, engages in the research, development, manufacture, and commercialization of vaccines for human infectious diseases in the People's Republic of China. Its products include Healive, a vaccine for hepatitis A; Bilive, a combined hepatitis A and B vaccine; and Anflu, a split flu vaccine. The company also develops vaccines for the SARS virus, the H5N1 strain of pandemic influenza virus, and the Japanese encephalitis virus. Sinovac Biotech markets and sells its vaccine products primarily through various provincial and municipal centers for disease control and prevention.
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