BURLINGTON, ON, Oct. 26 /CNW/ - Gennum Corporation (TSX: GND) has closed
the previously announced sale of its hearing instrument products and
manufacturing operations to Sound Design Technologies Ltd., a Gores Equity
portfolio company. With this sale, Gennum achieves another significant
milestone in its goal to focus its development efforts on next-generation
high-performance optical, analog and mixed-signal solutions.
Gennum's hearing instrument product portfolio includes the Foundation(R),
Advanta(TM), Venture(TM) and Voyageur(TM) digital signal processing (DSP)
products. Sound Design Technologies acquired Gennum's innovative thinSTAX(R)
technology, a dense packaging and miniaturization capability critical for
hearing aids and other assistive audio listening devices. Sound Design
Technologies also acquired Gennum's 95,000-square-foot manufacturing facility
housing 100 mm wafer fabrication operations and leading-edge packaging
Proceeds in the form of cash and an interest bearing note are
approximately $12.5 million. The hearing instrument and manufacturing
operations will remain headquartered in Burlington, Ontario.
Gennum and Gores Equity reached a definitive agreement for the sale on
September 10, 2007.
Gennum Corporation (TSX: GND) is a leading designer and manufacturer of
semiconductor solutions for the global video and data communication markets. A
winner of a Technical Emmy(R) award for advances in high definition (HD)
broadcasting, Gennum's broad portfolio of products and technologies include
image processors, video timing and transport products, ICs for optical
transceivers and backplane interconnects. Gennum is headquartered in
Burlington, Canada, and has global design, research and development and sales
offices in Canada, Japan, Korea, Taiwan and the United Kingdom.
This document may contain forward-looking statements relating to Gennum's
goals, strategies, financial condition and results as well as the environment
in which Gennum operates, investments, and litigation in which Gennum is
involved, which may involve estimates, forecasts and projections.
Forward-looking statements may include words such as "plans", "intends",
"anticipates", "should", "estimates", "expects", "believes" and similar
expressions. These statements are not guarantees of future performance and
involve risks and uncertainties that are difficult to predict and/or are
beyond Gennum's control. A number of important factors could cause actual
outcomes and results to differ materially from those expressed in these
forward-looking statements. These factors include those set forth in Gennum's
public filings. Consequently, readers should not place any undue reliance on
such forward-looking statements. In addition, these forward-looking statements
relate to the date on which they are made. Gennum disclaims any intention or
obligation to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
Gennum and the Gennum logo are registered trademarks of Gennum
Corporation. All other product or service names are the property of their
respective owners. Gennum Corporation, 2007.
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