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IDT Announces Stockholders Approve Proposed Merger with ICS

/aboutSAN JOSE, Calif., September 15, 2005 IDT™ (Integrated Device Technology, Inc.; Nasdaq: IDTI), a leading communications IC company, announced that its stockholders have voted to approve the merger  between IDT and Integrated Circuit Systems, Inc. (ICS) and other related proposals at a special stockholders’ meeting held by the Company today.  ICS’s shareholders approved the merger at a meeting held earlier today.  IDT plans to close the merger with ICS as promptly as possible, following the satisfaction of all closing conditions, which IDT currently anticipates will occur within the next several days.

 

In addition, today IDT held its Annual Stockholders Meeting, at which time stockholders also approved all board recommendations, including the election of  Ken Kannappan, John Schofield, and Ron Smith as Class III directors for a term to expire at the 2008 Annual Meeting of Stockholders.

 

About IDT

IDT is a global leader in semiconductor solutions for advanced network services. IDT serves communications equipment vendors by applying its advanced hardware, software and memory technologies to create flexible, highly integrated products that enhance the functionality and processing of network equipment. IDT accelerates innovation with products such as network search engines (NSEs), flow-control management (FCM) ICs and its commitment to and products for standards-based serial switching. The portfolio also comprises products optimized for communications applications, including telecom products, FIFOs, multi-ports, and timing solutions. In addition, the product mix includes high-performance digital logic and high-speed SRAMs to meet the requirements of leading communications companies.

 

About ICS

ICS is a world leader in the design, development, and marketing of silicon timing devices for communications, networking, computing, and digital multimedia applications. ICS is headquartered in Norristown, Pa., with key facilities in San Jose, Calif.; Tempe, Ariz.; Worcester, Mass.; and Singapore. For more information, visit the company’s web site at: http://www.icst.com.

 

Safe Harbor Statement
This release contains, in addition to statements of historical fact, certain forward-looking statements. These forward-looking statements relate to the proposed merger and the combined company and involve risk and uncertainty.  Actual results could differ from those currently anticipated due to a number of factors, including those mentioned in documents filed with the SEC by both IDT and ICS.  Forward-looking statements are based on information available to management at the time, and they involve judgments and estimates.  There can be no assurance as to the timing of the closing of the merger, or whether the merger will close at all, or that the expected synergies and cost savings will be realized.  Factors that could cause results to differ from expectations include:  the risk that the businesses will not be integrated successfully; the risk that the cost savings and any other synergies from the transaction may not be fully realized or may take longer to realize than expected; disruption from the transaction making it more difficult to maintain relationships with customers, employees or suppliers; transaction costs; the level of market demand for the products of the companies; competitive pressures; economic conditions in the U.S. and other countries where the companies operate; information technology spending; technological obsolescence; industry competition; and other specific factors discussed in IDT’s and ICS’s most recent Annual Reports on Form 10-K and IDT’s and ICS’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.  IDT and ICS assume no responsibility to update any forward-looking statements as a result of new informationor future developments.

 

Additional Information And Where To Find It

IDT has filed a registration statement on Form S-4, and IDT and ICS have filed a related joint proxy statement/prospectus, in connection with the merger transaction involving IDT and ICS. Investors and security holders are urged to read the registration statement on Form S-4 and the related joint proxy/prospectus because they contain important information about the proposed merger.  Investors and security holders may obtain free copies of these documents and other documents filed with the SEC at the SEC’s web site at www.sec.gov.  In addition, investors and security holders may obtain free copies of the documents filed with the Securities and Exchange Commission by IDT by contacting IDT Investor Relations.  Investors and security holders may obtain free copies of the documents filed by ICS by contacting ICS Investor Relations.

 

IDT, ICS and their respective executive officers and directors may be deemed to be participants in the solicitation of proxies from their respective stockholders with respect to the proposed transaction.  Information about the directors and executive officers of IDT and their ownership of IDT shares is set forth in the proxy statement for the IDT 2005 annual meeting of stockholders.  Information about the directors and executive officers of ICS and their ownership of ICS stock is set forth in the proxy statement for ICS’s 2004 annual meeting of stockholders. Investors may obtain additional information regarding the interests of such participants by reading the joint proxy statement/prospectus.

 

This communication shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there by any sale of securities in any jurisdiction in which such solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

                                                                           

 

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IDT, Interprise and SLAM are trademarks of Integrated Device Technology, Inc.  Intel is a registered trademark of Intel Corporation or its subsidiaries in the United States and other countries.  Other brands, product names and marks are trademarks, registered trademarks, or trade names of their respective owners.