Transmeta Initiates Process to Seek Sale of the Company
24 Septembre 2008 - 10:05PM
Business Wire
Transmeta Corporation (NASDAQ: TMTA) announced today that, with the
assistance of its independent financial advisors Piper Jaffray
& Co., it has initiated a process to seek a potential sale of
the Company. After actively exploring a full range of strategic
alternatives over the past few months and after strengthening its
balance sheet, Transmeta will now explore a possible sale of the
Company as a way to enhance value for all its stockholders. In a
separate press release today, the Company announced that it has
entered into two agreements with Intel for the licensing of certain
Transmeta technologies and intellectual property and for the
accelerated payment of its receivables from Intel, which will
result in a one-time, non-refundable payment of $91.5 million in
the third quarter of 2008. �We are very pleased to have achieved
the two agreements with Intel," said Les Crudele, president and CEO
of Transmeta. �Receiving these one-time payments strengthens our
balance sheet and allows potential buyers to more accurately
evaluate our Company. This year, as a result of our successful
licensing activities, we will collect at least $265 million of cash
payments for our intellectual property and patents. We expect that
our intellectual property portfolio and licensing business,
combined with our solid balance sheet, will be attractive to
potential bidders, and we look forward to conducting a timely
process to maximize value for our stockholders. As we proceed with
the process, we remain focused on working with potential licensees,
as well as developing and validating our IP blocks so that we can
broaden our target market.� Interested parties are invited to
contact the Company�s financial advisor per the contact information
listed below. The Company noted that there can be no assurance that
the process will result in a transaction that the Company�s Board
determines is in the best interests of the Company or its
stockholders. Further, there is no assurance concerning the type,
form, structure, nature, results, timing or terms and conditions of
any such transaction, even if a transaction does result from this
process. The Company does not intend to release additional
information about the status of this sale process but will publicly
report all required information on a timely basis. Financial
Advisor Contact Information:Scott D. WeinsteinPiper Jaffray &
CoTel: 415-984-5186 About Transmeta Corporation Transmeta
Corporation develops and licenses innovative computing,
microprocessor and semiconductor technologies and related
intellectual property. Founded in 1995, Transmeta first became
known for designing, developing and selling its highly efficient
x86-compatible software-based microprocessors, which deliver a
balance of low power consumption, high performance, low cost and
small size suited for diverse computing platforms. Transmeta is
presently focused on developing and licensing its advanced power
management technologies for controlling leakage and increasing
power efficiency in semiconductor and computing devices, and in
licensing its computing and microprocessor technologies to other
companies. To learn more about Transmeta, visit www.transmeta.com.
Safe Harbor Statement This release contains forward-looking
statements made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Such statements
speak only as of the date of this release, and we will not
necessarily provide updates of our projections or other
forward-looking statements. Investors are cautioned that such
forward-looking statements are subject to many risks and
uncertainties, and may differ materially or adversely from our
actual results or future events. We urge investors to review our
filings with the Securities and Exchange Commission, including our
most recent reports on Forms 10-K, 10-Q, and 8-K, which describe
important risk factors that could have an adverse effect on our
results. We undertake no obligation to revise or update publicly
any forward-looking statement for any reason.
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