Sipex Corporation Announces Results of Special Meeting of Stockholders Overwhemingly Approving the Proposed Merger Transaction with Exar Corporation
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MILPITAS, Calif., Aug. 23 -- Sipex Corporation (NASDAQ:SIPX) today announced that at a Special Meeting of Sipex's stockholders, the stockholders adopted the merger agreement previously announced on May 8, 2007, among Sipex and Exar Corporation. Preliminary results indicate that more than 70% of the Sipex shares outstanding on the record date for the Sipex special meeting were cast in favor of the adoption the merger agreement, 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, Sipex and Exar 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 Sipex'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 Corporation
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: http://www.exar.com/.
About Sipex Corporation
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/.
Source: Sipex Corporation
CONTACT: Ralph Schmitt, Chief Executive Officer of Sipex Corporation,
+1-408-935-7686, fax, +1-408-935-7686, rschmitt@sipex.com
Web site: http://www.sipex.com/
