IDT Expands Presence in Flat Panel Market through Acquisition of High Performance Video Processing Capabilities
SAN JOSE, Calif., October 21, 2008 — IDT® (Integrated Device Technology, Inc.; NASDAQ: IDTI), a leading provider of essential mixed signal semiconductor solutions that enrich the digital media experience, today announced it has purchased the market leading video processing technology and related assets from Silicon Optix, including the Hollywood Quality Video (HQV™) brand and the Reon™ product line. In addition, IDT has acquired the members of the Silicon Optix HQV intellectual property and engineering teams necessary to continue delivering video processing leadership and success. The transaction, which was approved by the boards of directors of each company and the stockholders of Silicon Optix, closed today. IDT plans to operate the resulting business as part of its industry-leading Video and Display Operation, which is based out of the company’s San Jose, Calif. headquarters. The new division will be primarily located in the existing Silicon Optix Toronto, Canada facility.
The Silicon Optix Emmy® award winning HQV video processing technology enables the sharpest and most detailed HD images possible by utilizing features such as true 1080i-to-1080p HD deinterlacing and a sophisticated multi-directional diagonal filter that ensures video free from jagged edges. HQV also enables SD material to approach HD quality by employing advanced scaling, per-pixel detail enhancement, and noise reduction technology that removes noise and artifacts caused by compression. The newly acquired IDT HQV products and technology are complementary to the DisplayPort™-certified IDT PanelPort™ receiver and integrated timing controller products. As a result of existing strong customer relationships within this market, IDT anticipates providing increased value-add to customers while accelerating the widespread adoption and ongoing success of flat panel displays. IDT plans to maintain the current production flow for existing Reon products, and intends to utilize the assets in enabling new video processing capabilities.
“With the increasing success of the DisplayPort standard and our PanelPort products, we believe the flat panel display market is undergoing an important evolution which will result in enhanced high definition quality and performance for the consumer. The HQV technology complements our PanelPort devices and broader video product portfolio. We see the addition of HQV enabling us to extend our value-add to our customers while expanding our market and technology leadership,” said Dr. Ted Tewksbury, IDT president and CEO. “We plan to use our expertise, expanded resources and current relationships within the flat panel market to further the successes of Hollywood Quality Video.”
Additional information on this transaction will be discussed during the IDT fiscal second quarter financial results conference call. The live webcast will begin at 1:30 p.m. PT on October 23, 2008. For additional information on IDT, its presence in the flat panel display market, this transaction or on the IDT earnings call, visit www.IDT.com.
With the goal of continuously improving the digital media experience, IDT integrates its fundamental semiconductor heritage with essential innovation, developing and delivering low-power, mixed signal solutions that solve customer problems. Headquartered in San Jose, Calif., IDT has design, manufacturing and sales facilities throughout the world. IDT stock is traded on the NASDAQ Global Select Stock Market® under the symbol “IDTI.” Additional information about IDT is available at www.IDT.com.
Forward Looking Statements
Investors are cautioned that forward-looking statements in this release involve a number of risks and uncertainties that could cause actual results to differ materially from current expectations. Risks include, but are not limited to, global business and economic conditions, fluctuations in product demand, manufacturing capacity and costs, inventory management, competition, pricing, patent and other intellectual property rights of third parties, timely development and supply of new products and manufacturing processes, dependence on one or more customers for a significant portion of sales, successful integration of acquired businesses and technology, availability of capital, cash flow and other risk factors detailed in the Company’s Securities and Exchange Commission filings. The Company urges investors to review in detail the risks and uncertainties in the Company’s Securities and Exchange Commission filings, including but not limited to the Annual Report on Form 10-K for the fiscal year ended March 30, 2008 and Quarterly Report on Form 10-Q for the period ended June 29, 2008.
IDT, PanelPort, Silicon Optix, HQV and the IDT logo are trademarks or registered trademarks of Integrated Device Technology, Inc. All other brands, product names and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.