Expands Micro-electronics Into Adjacent Areas
Hires Financial Advisor GCA Savvian Advisors, LLC to Explore
Alternatives for Imaging & Optics
SAN JOSE, Calif.--(BUSINESS WIRE)--
Tessera Technologies, Inc. (Nasdaq: TSRA) announced today two corporate
initiatives to enhance the strategic positioning and value of its
operations for its stockholders, customers and employees.
Micro-electronics
Tessera announced today the formation of a new group charged with
developing, acquiring and monetizing semiconductor technologies beyond
packaging, to be led by Simon McElrea. The group, which will be
responsible for an initial portfolio of approximately 280 patents and
patent applications, will consist of approximately 40 current employees
located in San Jose. Their focus will be on circuitry design, memory
modules, 3-D architecture, and advanced interconnect technologies, among
other areas.
"We believe the creation of this new group under Simon's leadership will
help drive long term growth," said Henry R. Nothhaft, chairman and chief
executive officer, Tessera. "Simon brings a wealth of technical and
business development experience to this new role, and we believe his
expertise will be an important contributing factor to the success of our
Micro-electronics business."
Imaging & Optics
Tessera also announced that it is exploring a possible separation of its
Imaging & Optics business. As part of this initiative, Tessera has
retained GCA Savvian Advisors, LLC as its financial advisor to assist in
the evaluation of multiple alternatives, including, among others, a
spin-off transaction.
"Our Imaging & Optics business has had a successful start. We believe
under the leadership of its new president, Bob Roohparvar, it may grow
more quickly and better serve its customers as a stand-alone entity, and
we have begun the work of exploring alternative means to that end,"
added Nothhaft.
Tessera has not set a definitive timetable for completing its
exploration of alternatives for the Imaging & Optics business and there
can be no assurance that the process will result in any transaction. The
company does not expect to make further public comment regarding these
matters unless a definitive agreement or other commitment for any
transaction is reached.
Safe Harbor Statement
This document contains forward-looking statements, which are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements involve risks
and uncertainties that could cause actual results to differ
significantly from those projected, particularly with respect to the
impact of the appointment of Mr. McElrea and Dr. Roohparver, the impact
of the group reporting to Mr. McElrea, the impact of the retention of
GCA Savvian Advisors, LLC as the company's financial advisor, and the
exploration of various alternatives for the Imaging & Optics business.
Material factors that may cause results to differ from the statements
may include changes to the company's plans or operations relating to its
businesses and groups, market or industry conditions, delays, setbacks
or losses relating to the company's intellectual property or
intellectual property litigations, or any invalidation or limitation of
the company's key patents; fluctuations in the company's operating
results due to the timing of new license agreements and royalties, or
due to legal costs; changes in patent laws, regulation or enforcement,
or other factors that might affect the company's ability to protect its
intellectual property; the risk of a decline in demand for semiconductor
products; failure by the industry to adopt the company's technologies;
competing technologies; the future expiration of the company's patents;
the future expiration of the company's license agreements and the
cessation of related royalty income; the failure or refusal of licensees
to pay royalties; failure to identify or complete a favorable
transaction with respect to the Imaging & Optics business; failure to
achieve the growth prospects and synergies expected from acquisition
transactions; and delays and challenges associated with integrating
acquired companies with the company's existing businesses. You are
cautioned not to place undue reliance on the forward-looking statements,
which speak only as of the date of this release. Tessera's filings with
the Securities and Exchange Commission, including its Annual Report on
Form 10-K for the year ended Dec. 31, 2010 includes more information
about factors that could affect the company's financial results. Tessera
assumes no obligation to update information contained in this press
release. Although this release may remain available on Tessera's website
or elsewhere, its continued availability does not indicate that Tessera
is reaffirming or confirming any of the information contained herein.
About Tessera
Tessera Technologies, Inc., headquartered in San Jose, California,
develops, invests in, licenses and delivers innovative miniaturization
technologies and products for next-generation electronic devices. More
than 65% of Tessera's employees are dedicated technologists or
inventors. The company's micro-electronics solutions enable smaller,
higher-functionality devices through chip-scale and wafer-level
packaging, silicon-level interconnect and 3-D packaging, as well as
silent air cooling technology. Tessera's imaging and optics solutions
provide cost-effective, high-quality camera functionality in consumer
electronic products through technologies that include Extended Depth of
Field (EDOF), zoom and MEMS-based auto-focus. The company also offers
custom micro-optics for semiconductor lithography, communications,
medical, industrial and other applications. For information call
1.408.321.6000 or go to www.tessera.com.
Tessera and the Tessera logo are trademarks or registered trademarks of
Tessera, Inc. or its affiliated companies in the United States and other
countries. All other company, brand and product names may be trademarks
or registered trademarks of their respective companies.
TSRA-G
Tessera Technologies, Inc.
Michael Anthofer, Chief Financial
Officer, 408-321-6711
Moriah Shilton, Sr. Director, Investor
Relations, 408-321-6713 (Investor Relations)
Judy Erkanat,
408-321-6751 (Media Relations)
Source: Tessera Technologies, Inc.
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