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| 8-K - TRANSWITCH CORP /DE | v188226_8k.htm |
News
Release
TranSwitch
Corporation Announces the
Termination
of its Agreement to issue Additional Shares
SHELTON, CT – June 14, 2010 – SHELTON,
Conn.--(BUSINESS WIRE)--TranSwitch® Corporation (NASDAQ: TXCC) a leading
provider of semiconductor solutions for the converging voice, data and video
network, today announced that following its successful Rights Offering, it
exercised its option today to terminate its Common Stock Purchase
Agreement with Seaside 88, LP, a Florida limited partnership
(“Seaside”), dated December 31, 2009 (the “Common Stock Purchase
Agreement”). Pursuant to the Common Stock Purchase
Agreement, Seaside had committed to purchase up to an aggregate of
1,950,000 shares of TranSwitch common stock in blocks of 75,000 shares
every two weeks for a one year period. Prior to the
termination, an aggregate of 900,000 shares were sold to Seaside pursuant to the
terms of the Common Stock Purchase Agreement.
Such
sales of securities to Seaside were offered and sold pursuant to an effective
shelf registration statement. The offering is being made only by
means of a prospectus. Copies of the final prospectus supplement and
accompanying base prospectus relating to the offering can be obtained from going
to the Investors section of the Company’s website at www.transwitch.com and
clicking on the SEC filings link or from the U.S. Securities and Exchange
Commission’s website at www.sec.gov. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy, nor
shall there be any sales of these securities in any jurisdiction in which
such an offer, solicitation or sale would be unlawful prior to the registration
or qualification under the securities laws of any such
jurisdiction.
About TranSwitch
Corporation
TranSwitch
Corporation designs, develops and markets innovative semiconductors that provide
core functionality and complete solutions for voice, data and video
communications network equipment. As a leading supplier to telecom, datacom,
cable television and wireless markets, TranSwitch customers include the major
OEMs that serve the worldwide public network, the Internet, and corporate Wide
Area Networks (WANs). TranSwitch devices are inherently flexible, with many
incorporating embedded programmable microcontrollers to rapidly meet customers’
new requirements or evolving network standards by modifying a function via
software instruction. TranSwitch implements global communications standards in
its VLSI solutions and is committed to providing high-quality products and
services. TranSwitch, Shelton, CT, is an ISO 9001:2000 registered company. For
more information, visit www.transwitch.com.
-more-
Forward-looking
statements in this release, including statements regarding management's
expectations for future financial results and the markets for TranSwitch's
products, are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Investors are cautioned that these
forward-looking statements regarding TranSwitch, its operations and its
financial results, involve risks and uncertainties that could cause actual
results to differ materially from those contained in the forward-looking
statements, including without limitation the risks associated with acquiring new
businesses; the risk of downturns in economic conditions generally and in the
telecommunications and data communications markets and the semiconductor
industry specifically; risks in product development and market acceptance of and
demand for TranSwitch's products and products developed by TranSwitch's
customers; risks relating to TranSwitch's indebtedness; risks of failing to
attract and retain key managerial and technical personnel; risks associated with
foreign sales and high customer concentration; risks associated with competition
and competitive pricing pressures; risks associated with investing in new
businesses; risks of dependence on third-party VLSI fabrication facilities;
risks related to intellectual property rights and litigation; risks in
technology development and commercialization; and other risks detailed in
TranSwitch's filings with the Securities and Exchange
Commission.
TranSwitch
expressly disclaims any obligation or undertaking to release publicly any
updates or revisions to any such statements to reflect any change in
expectations or any change in events, conditions or circumstances on which any
such statement is based.
TranSwitch
is a registered trademark of TranSwitch Corporation.
For More
Information Contact:
Robert A.
Bosi
Vice
President and Chief Financial Officer
Phone:
203.929.8810 ext. 2465
Ted
Chung
Vice
President, Business Development
TranSwitch
Corporation
Phone:
203.929.8810 ext. 2004