Product category:
Programmable Logic Devices
News Release from: QuickLogic
Edited by the Electronicstalk Editorial
Team on 24 April 2001
QuickLogic takes V3 for faster
networking
QuickLogic and V3 Semiconductor have entered into a definitive agreement under which QuickLogic will acquire certain assets of V3 in a stock transaction.
QuickLogic and V3 Semiconductor have entered into a definitive agreement under which QuickLogic will acquire certain assets of V3 in a stock transaction V3, based in Toronto, is a manufacturer of ASSPs that enhance high-speed data throughput within telecommunications and Internet infrastructure systems
This article was originally published on Electronicstalk on 8 Jul 2008 at 8.00am (UK)
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The acquisition is designed to accelerate QuickLogic's ESP strategy by strengthening the company's ability to develop and market system-level products for the communications and networking markets.
Under the agreement, QuickLogic will acquire the assets of V3 for approximately 2.5 million shares of QuickLogic common stock.
Subject to the market price of QuickLogic shares at the close of the deal, the transaction will be valued at approximately US$12 million to US$15 million.
All V3 employees have been offered employment with QuickLogic.
The acquisition is expected to be finalised by the end of Q3 2001.
"V3's system engineering and marketing expertise in ASSPs will significantly enhance our ability to design advanced high-speed interconnect ESP product lines with higher levels of integration", said Tom Hart, President and CEO of QuickLogic.
"The acquisition also allows us to accelerate the shift from providing components to offering subsystems and systems-level solutions, something that V3 does successfully.
And, it supports our path to providing electronics manufacturers an alternative to ASICs for high-volume production".
Carl Mitchell, V3 president and chief operating officer, said the synergy of QuickLogic and V3 employees, products and technology will produce clear benefits for customers of both companies.
"The mutual strengths and areas of focus of the two companies will result in exciting new products that will allow QuickLogic to be a leader in embedded markets for years to come", he said.
To facilitate the asset sale and the subsequent windup of V3 as a distinct entity, V3 intends to file for protection under Chapter 11 of the bankruptcy laws.
V3 and QuickLogic have also entered into a manufacturing and distribution agreement pending the sale in order to ensure continued seamless distribution of V3's products to its customers.
V3 expects all creditors will be paid in full and that the remaining shares of QuickLogic common stock it receives in the transaction will be distributed to its shareholders.
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