Exar Corporation and Sipex Corporation Announce Early Termination of Hart Scott Rodino Act Waiting Period
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FREMONT, Calif., July 5 -- Exar Corporation (NASDAQ:EXAR) and Sipex Corporation (NASDAQ:SIPX) announced that they received notification from the Federal Trade Commission of early termination of the waiting period under the Hart Scott Rodino Antitrust Improvements Act notification of 1976 (HSR), as amended, relating to the companies' proposed merger. Additionally, an affiliate of Future Electronics, a major shareholder in the proposed companies, has also received notification of early termination of the HSR waiting period. Termination of the HSR waiting period satisfies a condition to closing the merger. The closing of the merger remains subject to approval by Exar and Sipex stockholders and other customary closing conditions. Exar and Sipex expect the merger to close during the third quarter of 2007.
"I am very pleased with the notification of early termination of the Companies' and Future's HSR waiting period," said Richard L. Leza, interim president and chief executive officer. "Future is a strategic ally and stakeholder in the combined Company."
"This notification highlights that the merger process is moving forward and integration planning is underway," said Ralph Schmitt, CEO of Sipex. "A continuation of such cooperative Exar and Sipex activities will be key to our combined Company's success."
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/prospectus 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.
Exar and its executive officers and directors may be deemed to be participants in the solicitation of proxies from Exar's stockholders with respect to the transactions contemplated by the merger agreement. Information regarding such executive officers and directors is included in Exar's Proxy Statement for its 2006 Annual Meeting of Stockholders filed with the SEC on August 9, 2006, which is available free of charge at the SEC's web site at www.sec.gov/ and from Exar Investor Relations which can be contacted by e-mail at investorrelations@Exar.com or by telephone at 1-510-668-7201. Certain executive officers and directors of Exar have interests in the transaction that may differ from the interests of Exar stockholders generally. These interests are described in the proxy statement /prospectus.
Sipex and its executive officers and directors may be deemed to be participants in the solicitation of proxies from Sipex's stockholders with respect to the transactions contemplated by the merger agreement. Information regarding such executive officers and directors is included in Sipex's Proxy Statement for its 2006 Annual Meeting of Stockholders filed with the SEC on October 24, 2006, which is available free of charge at the SEC's web site at www.sec.gov/ and from Sipex Investor Relations which can be contacted by e-mail at investorrelations@Sipex.com or by telephone at 1-408-934-7586. Certain executive officers and directors of Sipex have interests in the transaction that may differ from the interests of Sipex stockholders generally. These interests are described in the proxy statement /prospectus.
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. The Company is based in Fremont, CA, had fiscal 2007 revenues of $68.5 million, and employs approximately 235 people worldwide. For more information about the Company visit: www.exar.com/.
FCMN Contact: Tom.Melendrez@exar.com
Source: Exar Corporation
CONTACT: J. Scott Kamsler, Senior VP and CFO, or Thomas R. Melendrez, Executive Vice President, +1-510-668-7000, both of Exar Corporation
Web site: http://www.exar.com/
