Exar Corporation Announces Results of Special Meeting of Stockholders Overwhelmingly Approving the Proposed Merger Transaction with Sipex Corporation
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FREMONT, Calif., Aug. 23 -- Exar Corporation (NASDAQ:EXAR) today announced that its stockholders have voted to approve the issuance of shares of Exar common stock in Exar's proposed acquisition of Sipex Corporation pursuant to a merger agreement entered into with Sipex. Preliminary results indicate that more than 76.9% of the Exar shares outstanding on the record date for the Exar special meeting were cast in favor of the share issuance, representing over 99% of the votes cast at the meeting.
"Today's decisive vote marks the creation of an exciting opportunity for the combined enterprise that we expect to fully leverage," said Ralph Schmitt, CEO of Sipex. "Moving forward, we will execute on our integration plans rapidly and, during the transition, continue to provide our customers with innovative products with a clear commitment to delivering service and support excellence."
"I look forward to working with Ralph and the new management team as they drive Exar with expanded capabilities and scale to the next level," said Richard L. Leza, Chairman of the Board of Exar Corporation. "Over time, we firmly believe that this transaction will serve as the foundation for increased shareholder value."
On May 8, 2007, Exar and Sipex announced the signing of the merger agreement under which a wholly owned subsidiary of Exar will merge with and into Sipex and Sipex will continue as a wholly owned subsidiary of Exar. Approval of the merger agreement by Exar's stockholders satisfies one of the conditions to the completion of the merger. Subject to other customary closing conditions, the merger is expected to be completed on August 25, 2007.
About Exar
Exar Corporation designs, develops and markets high-performance, analog and mixed-signal silicon solutions for a variety of markets including networking, serial communications, and storage. Leveraging its industry-proven analog design expertise and system-level knowledge, Exar delivers to customers a wide array of technology solutions for current as well as next generation products. Exar is based in Fremont, California. For more information about Exar visit: www.exar.com/.
About Sipex
Sipex Corporation is an analog semiconductor company that addresses standard linear and application specific standard products (ASSP) for customer systems that are primarily targeted at the consumer, networking and industrial markets. The products are categorized into three synergistic areas of power management, interface and optical storage. Sipex is a global company with operations in Asia, Europe and North America. Sipex is based in Milpitas, California. For more information about Sipex visit the website at http://www.sipex.com/.
Additional Information and Where You Can Find It
Exar has filed a Registration Statement on Form S-4 containing a proxy statement/prospectus and other documents concerning the proposed merger transaction with the Securities and Exchange Commission (the "SEC"). Security holders are urged to read the proxy statement/prospectus and other relevant documents filed with the SEC because they will contain important information. Security holders may obtain a free copy of the proxy statement/prospects and other documents filed by Exar and Sipex with the SEC at the SEC's web site at www.sec.gov/. The proxy statement/prospectus and other documents may also be obtained for free by contacting Exar Investor Relations by e-mail at investorrelations@Exar.com or by telephone at 1-510-668-7201 or by contacting Sipex Investor Relations by e-mail at investorrelations@Sipex.com or by telephone at 1-408-934-7586.
FCMN Contact: Tom.Melendrez@exar.com
Source: Exar Corporation
CONTACT: Ralph Schmitt, Chief Executive Officer, or J. Scott Kamsler, Sr. Vice President and CFO, both of Sipex Corporation, +1-510-668-7000, for Exar Corporation
Web site: www.exar.com/
http://www.sipex.com/
