Motorola Completes Acquisition of Tut Systems, Inc.
SCHAUMBURG, Ill., March 30 -- Motorola, Inc.
(NYSE: MOT) announced that it has completed its acquisition of Tut Systems,
Inc. (Nasdaq: TUTS). The transaction has a total equity value of approximately
$39 million on a fully diluted basis.
Tut Systems delivers industry-leading content processing and distribution
products for deploying next-generation video and Internet Protocol (IP)
services over broadband networks. More than 160 service providers including
telecommunications carriers, cable operators, entertainment companies and
government agencies worldwide use Tut Systems products.
The integration of Tut Systems' solutions with Motorola's industry-leading
digital video delivery solutions will expand Motorola's ability to help
service providers deploy advanced video services over IP, ATM, or RF-based
network architectures. Motorola currently has deployed 2,060 digital video
networks and more than 50 million digital video set tops worldwide.
As previously announced on December 21, 2006, the two companies signed a
definitive merger agreement under which Motorola has now acquired all of the
outstanding shares of Tut Systems common stock. The transaction was approved
by the stockholders of Tut Systems on March 6, 2007 and was completed today.
With the completion of the transaction, trading in Tut Systems common stock
will be suspended at the close of business today.
About Tut Systems, Inc.
Tut Systems, Inc. delivers advanced content processing and distribution
products as well as comprehensive system integration services for deploying
next-generation data and video services over broadband networks. Service
providers, content providers and government agencies worldwide use Tut Systems
solutions to deliver broadcast-quality video over broadband networks.
Tut Systems is headquartered in Lake Oswego, OR. For more information, visit
http://tutsys.com or call (971) 217-0400.
About Motorola
Motorola is known around the world for innovation and leadership in
wireless and broadband communications. Inspired by our vision of Seamless
Mobility, the people of Motorola are committed to helping you get and stay
connected simply and seamlessly to the people, information, and entertainment
that you want and need. We do this by designing and delivering "must have"
products, "must do" experiences and powerful networks -- along with a full
complement of support services. A Fortune 100 company with global presence and
impact, Motorola had sales of US $42.9 billion in 2006. For more information
about our company, our people and our innovations, please visit
http://www.Motorola.com.
