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Cypress Completes Acquisition of Cascade Semiconductor Corp. | Cypress Semiconductor

Cypress Completes Acquisition of Cascade Semiconductor Corp.

Last Updated: December 30, 2004

Cypress Completes Acquisition of Cascade Semiconductor Corp.

1T Pseudo-SRAM Addition to Expand Cypress Products For Cell Phones
Cypress PR

SAN JOSE, Calif. - December 30, 2003 -- Cypress Semiconductor Corp. (NYSE: CY) today announced that it has satisfied all conditions to closing its agreement to acquire Cascade Semiconductor Corporation, a company specializing in one-transistor (1T) Pseudo-SRAM (PSRAM) products for wireless applications, including cell phones.

1T PSRAM devices offer higher density than conventional SRAMs at a lower cost, enabling new features in next-generation phones. Cascade currently is shipping PSRAM products in volume.

The acquisition brings a veteran development team to Cypress with experience selling system-in-package (SiP) solutions that use multiple chips in a single package to create a functional subsystem with maximum density.

"The Cascade acquisition will enhance Cypress's product development capabilities for the mobile phone segment and help broaden our memory portfolio," said Tony Alvarez, Cypress's executive vice president for the Memory Products Division. "As next generation mobile handsets become smaller and require higher densities, the Cascade team will help Cypress to expand our market position."

The Cascade acquisition is expected to be accretive to Cypress's pro forma earnings starting in the first quarter of 2004.

About Cypress

Cypress Semiconductor Corporation (NYSE: CY) is Connecting from Last Mile to First Mile(TM) with high-performance solutions for personal, network access, enterprise, metro switch and core communications-system applications. Cypress Connects(TM) using wireless, wireline, digital, and optical transmission standards, including USB, Fibre Channel, SONET/SDH, Gigabit Ethernet and DWDM. Leveraging its process and system-level expertise, Cypress makes industry-leading physical layer devices, framers, and network search engines, along with a broad portfolio of high-bandwidth memories, timing technology solutions and reconfigurable mixed-signal arrays. More information about Cypress is accessible online at

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Safe Harbor Provision

The above news release contains forward-looking statements that involve risks and uncertainties. These forward looking statements relate to the expected impact of the acquisition on Cypress's operating results, future market demand and acceptance of Cypress's and Cascade's products, and the development of new business and products of the combined company. Cypress's actual results may vary materially from the results discussed in the forward-looking statements.

Factors that may cause such a difference include those risks surrounding the closing of the acquisition, timely development, production, and the continued and increased market acceptance of the combined companies' products, Cypress's ability to successfully combine the operation of the two companies, the ability of the combined company to compete in the highly competitive and rapidly changing marketplace, and the other risks detailed from time to time in Cypress's periodic reports with the Securities and Exchange Commission.

Cypress and the Cypress logo are registered trademarks of Cypress Semiconductor Corporation. "Connecting from Last Mile to First Mile" and "Cypress Connects" are trademarks of Cypress. All other trademarks are the property of their respective owners.