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ITC sets eyes on fabless chip company

Posted: 20 Jun 2003 ?? ?Print Version ?Bookmark and Share

Keywords:Infinite Technology? MultiMedia? multi-media ICs? SoC?

Infinite Technology Corp. (ITC) has signed a Term Sheet to acquire majority interest in MultiMedia SOC (MMSOC), a fabless chip company. ITC is a technology firm with operating units and investments in the semiconductor, SoC, medical devices and fiber optics industries. MMSOC expects revenues of $4 million in 2003, with projected revenues of $22 million in 2004 and $40-100 million in 2005.

According to ITC CEO Tim Smith, "MMSOC is the perfect acquisition for our company. They have developed a low-cost multi-media SoC for a wide range of hand-held electronic devices. MMSOC's technology fits perfectly with our business model, and provides an immediate SoC solution for several of our other business ventures. MMSOC's chip is being used by some of Asia's largest consumer electronics companies and is a perfect solution for many products in development. This is a very solid acquisition for ITC."

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