OTTAWA, June 15 /CNW Telbec/ - Tundra Semiconductor Corporation (TSX:
TUN) announced today that, at a special meeting of shareholders (the
"Meeting"), Tundra shareholders approved the previously announced arrangement
pursuant to which 4440471 Canada Inc., a wholly-owned Canadian subsidiary of
Integrated Device Technology, Inc. (NASDAQ: IDTI), will acquire all of the
issued and outstanding shares of Tundra (the "Arrangement"). The Arrangement
was approved by approximately 99.86% of the votes cast at the Meeting at which
14,992,720 Tundra common shares (approximately 77.58% of the outstanding
common shares) were represented, in person or by proxy.
The Arrangement is subject to final approval of the Ontario Superior
Court of Justice which is being sought on June 16, 2009, in Toronto. Provided
that final approval of the Court is obtained, and that all other conditions to
completion of the Arrangement are satisfied or waived, Tundra expects the
Arrangement to be completed on or about June 29, 2009.
Tundra Semiconductor Corporation (TSX:TUN) supplies the world's leading
communications, computing and storage companies with System Interconnect
products, intellectual property (IP) and design services backed by world-class
customer service and technical support. Tundra's track record of product
leadership includes over a decade of bridges and switches enabling key
industry standards: RapidIO(R), PCI, PCI-X, PCI Express(R), Power
Architecture(TM), VME, HyperTransport(TM), Interlaken, and SPI4.2. Tundra's
products deliver high functional quality and simplified board design and
layout, with specific focus on system level signal integrity. Tundra's design
services division, Silicon Logic Engineering, Inc., offers industry-leading
ASIC and FPGA design services, semiconductor intellectual property and product
development consulting. Tundra's technology connects critical components in
high performance embedded systems around the world. For more information,
please visit www.tundra.com.
Caution Regarding Forward Looking Statements
Certain statements in this news release regarding the proposed
Arrangement between Tundra and IDT, the expected timetable for completing the
Arrangement and any other statements regarding Tundra's future expectations,
beliefs, goals or prospects constitute forward-looking information within the
meaning of applicable securities legislation (collectively "forward-looking
statements"). Any statements that are not statements of historical fact
(including statements containing the words "believes," "plans," "anticipates,"
"expects," "estimates" and similar expressions) should also be considered
forward-looking statements. A number of important factors could cause actual
events or results to differ materially from those indicated or implied by such
forward-looking statements, including without limitation: the parties' ability
to consummate the Arrangement; the conditions to the completion of the
Arrangement, including that the receipt of court approval required for the
Arrangement may not be obtained on the terms expected or on the anticipated
schedule and the parties' ability to meet expectations regarding the timing,
completion and accounting and tax treatments of the Arrangement.
Tundra assumes no obligation to update the information in this
communication, except as otherwise required by law. Additional information
identifying risks and uncertainties is contained in the Management Proxy
Circular of Tundra dated May 15, 2009 prepared, mailed and filed in connection
with the Meeting and in Tundra's filings with the various provincial
securities commissions, all of which are available online at www.sedar.com.
Forward looking statements are provided for the purpose of providing
information about the current expectations, beliefs and plans of the
management of Tundra relating to the future. Readers are cautioned that such
statements may not be appropriate for other purposes. Readers are also
cautioned not to place undue reliance on these forward-looking statements,
that speak only as of the date hereof.
This news release and the information contained herein does not
constitute an offer of securities for sale in the United Sates and securities
may not be offered or sold in the United States absent registration or
exemption from registration.
Tundra and the Tundra logo are registered marks of Tundra Semiconductor
Corporation in Canada, the United States, the European Union and the People's
Republic of China. RapidIO is a trademark of the RapidIO Trade Association,
Inc. The PowerPC name, the Power Architecture name, and the PowerPC logotype
are trademarks of International Business Machines Corporation, used under
license therefrom. Other registered and unregistered trademarks are the
property of their respective owners.
For further information:
For further information: Keri Zeran, Director, Marketing Communications,
(613) 697-6780, email@example.com