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| 8-K - PERICOM SEMICONDUCTOR CORP | v195959_8k.htm |
Exhibit 99.1
Pericom
Semiconductor Completes Acquisition of PTI
PTI
expands Pericom’s penetration in Asian telecom, consumer, and ultra mobility
market segments and customer base.
San Jose, Calif. – September 1,
2010 – Pericom Semiconductor Corporation (NASDAQ: PSEM), announced today
that it has completed the acquisition by way of merger of all remaining
outstanding shares of Pericom Technology, Inc. (“PTI”). Pericom paid
approximately $30.6 million for the remaining 59.6% of PTI’s shares which
includes a working capital adjustment determined at close. There is the
potential for an additional payment of up to $6 million in earn-out
consideration and bonus for the achievement of certain milestones during the
twelve months following the acquisition.
Pericom
previously held a 40.4% ownership in PTI on a fully diluted basis and accounted
for its investment in PTI using the equity method. PTI is a fabless
IC provider of timing, power management, and analog switch products that are
sold primarily to Asian telecom, consumer, and ultra-mobility market
segments. PTI was incorporated in the British Virgin Islands in 1994,
and is headquartered in Hong Kong, with significant operations in Shanghai and
Shenzhen, People’s Republic of China.
About
Pericom:
Pericom
Semiconductor Corporation (NASDAQ: PSEM) enables serial connectivity with
complete solutions for computing, communications and consumer market segments.
Pericom’s integrated circuits and frequency control products provide the
connectivity, timing and conditioning of high-speed signals required by today's
electronic applications. Corporate headquarters are in San Jose, Calif., with
design centers, sales and support offices around the
globe. Website: www.pericom.com
Press
contact:
Aaron
Tachibana
Chief
Financial Officer
Pericom
Semiconductor
San Jose,
California USA
408-435-0800
x 273