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Cypress seeks prominence in memory solutions

Posted: 05 Aug 2008 ?? ?Print Version ?Bookmark and Share

Keywords:memory? storage? buffer? SRAM?

Cypress is currently finalizing the negotiation in buying out Simtek in an all cash transaction for $2.60 per share of Simtek common stock, or an aggregate value of approximately $46 million (including the value of Simtek shares held by Cypress) as part of strengthening its leadership in the nonvolatile memory market.

The agreement will be in the form of a cash tender offer for all of the outstanding shares of Simtek common stock and this will be subjected to customary closing conditions and regulatory approvals. This is expected to be finalized or prior to the end of calendar Q4 08.

Simtek technology
Simtek's nvSRAMs offer high-speed memory access of standard SRAMs (15ns access time) and retain data even when the power is turned off. This specialized feature is critical to applications especially in secure data storage where system functionality is very essential. When combined to other features, this will create devices ideal for critical data retention applications under almost any operating functions, such as redundant array of independent disks in data storage, industrial controls, military and avionics, medical patient monitoring and automotive systems.

At present, Cypress holds approximately four-percent of Simtek's outstanding common stock and has been marketing and licensing Simtek's technology since engaging in a joint product development agreement with Simtek in March 2006.

Cypress, Simtek compatibility
"Simtek's nvSRAM technology works well with our S8 (0.13?) design platform offering excellent features and functionality for the embedded market," said Ahmad Chatila, executive VP, memory and imaging division, Cypress. "We are planning to integrate this technology to most of our product offering, including our PSoC Programmable System-on-Chip. This will help in creating a highly integrated control and power failure solution for complex analog and digital systems," he added.

"This is the product of a rigorous process in evaluating the Cypress' strategic options," said Robert Pearson, chairman of the board, Simtek. "With the company's global presence and with its longstanding expertise in SRAMs will accelerate Simtek's nvSRAM technology by broader markets and application areas," he added.

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