IDT Voluntarily Provides Federal Trade Commission Additional Time for merger Review
SAN JOSE, Calif., July 25, 2005 — IDT™ (Integrated Device Technology, Inc.; Nasdaq: IDTI), a leading communications IC company, announced that on July 22, 2005 it voluntarily withdrew and refiled its pre?merger notification and report form under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act of 1976, as amended, relating to its pending merger with Integrated Circuit Systems, Inc. (ICS; Nasdaq: ICST). The refiling is a procedural step to provide the staff at the United States Federal Trade Commission with additional time to complete their initial review. The waiting period under the HSR Act will now expire on August 22, 2005, unless this period is terminated earlier or extended. IDT still anticipates that the transaction will close in the fourth quarter of calendar year 2005, subject to approvals by IDT and ICS stockholders, appropriate regulatory approvals and the satisfaction of other closing conditions.
On the same date, IDT also filed with the Securities and Exchange Commission a registration statement on Form S-4 in connection with the proposed merger of IDT and ICS. IDT has filed the registration statement to register the shares of its common stock issuable to stockholders of ICS in connection with the proposed merger.
IDT is a global leader in preemptive semiconductor solutions that accelerate packet processing for advanced network services. IDT serves communications equipment vendors by applying its advanced hardware and software technologies to create flexible, highly integrated solutions that enhance the functionality and processing of network equipment. IDT accelerates intelligent packet processing with productssuch as switching solutions, network search engines (NSEs), flow-control management (FCM) ICs and its family of Interprise™ integrated communications processors. 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.
Currently headquartered in San Jose, Calif., the Company employs approximately 2,700 people worldwide and has a wafer manufacturing facility in Oregon, and a test and assembly facility in Malaysia. Additional information about IDT is accessible at www.IDT.com.
Forward Looking Statements
This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include expectations about the timing of the merger and the satisfaction of closing conditions to the transaction, including the receipt of regulatory approvals. Actual results may differ materially from those contained in the forward-looking statements in this press release. IDT undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.
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 SEC by IDT by contacting IDT Investor Relations at 408-284-6515. Investors and security holders may obtain free copies of the documents filed with the SEC by ICS by contacting ICS Investor Relations at 610-630-5300. IDT, ICS and their directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of IDT and ICS in connection with the proposed merger. Information regarding the special interests of these directors and executive officers in the proposed merger are included in the joint proxy statement/prospectus of IDT and ICS described above. Additional information regarding the directors and executive officers of IDT is also included in the IDT proxy statement for its 2004 Annual Meeting of Stockholders, which was filed with the SEC on July 23, 2004. Additional information regarding the directors and executive officers of ICS is also included in ICS’s proxy statement for its 2004 Annual Meeting of Stockholders, which was filed with the SEC on September 28, 2004. These documents are available free of charge at the SEC’s web site at www.sec.gov and from Investor Relations at IDT and ICS as described above.
IDT, Interprise and the IDT logo are trademarks of Integrated Device Technology, Inc. Other brands, product names and marks are trademarks, registered trademarks, or trade names of their respective owners.