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FORM 6-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Issuer
Pursuant to Rule 13a-16 of 15d-16 of
the Securities Exchange Act of 1934
For the month of August 1999
Galileo Technology Ltd.
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(Translation of registrant's name into English)
Moshav Manof, D.N. Misgav 20184, Israel
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(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F X Form 40-F _______
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Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ______ No X
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FOR MORE INFORMATION CONTACT
George A. Hervey
Sr. VP Finance & CFO
(408) 367-1400 x228
Galileo Website Location: http://www.galileoT.com
FOR IMMEDIATE RELEASE
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GALILEO TECHNOLOGY LTD. ANNOUNCES
A TWO-FOR-ONE STOCK SPLIT
San Jose, CA - August 5, 1999 -- Galileo Technology Ltd. (Nasdaq: GALT)
today announced that its Board of Directors has approved a two-for-one stock
split, to be effected in the form of a stock dividend, subject to shareholder
approval of the payment of the stock dividend. Such approval will be sought at
the Company's Extraordinary Meeting of Shareholders to be held on September 8,
1999 (the Record Date for which will be August 9, 1999). Subject to receiving
such shareholder approval, the Record Date for the stock split will be September
9, 1999 and thereafter, on September 17, 1999, the transfer agent will mail
certificates representing one additional share for each share held on this
Record Date. Should shareholder approval be obtained, the number of Ordinary
Shares outstanding will be approximately 41.3 million shares based on the number
of shares currently outstanding.
Avigdor Willenz, Galileo Technology Ltd. Chairman and CEO, stated, "We have
made significant progress over the last several quarters in increasing
shareholder value through the positive customer acceptance of our GalNet II
products and our high end System Controllers for both MIPS and Power PC
applications. We believe this stock split will broaden the distribution and
improve the marketability of the Company's stock."
About Galileo Technology Ltd.
Galileo Technology Ltd., a market leader in complex data communications
systems on silicon, is one of the semiconductor industry's fastest growing
suppliers of complex, high performance, integrated circuit devices. Galileo's
products include single-chip Ethernet switches, high-performance system
controllers for RISC processors and WAN coprocessors.
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Galileo's products form the heart of many advanced data communications
systems built by leading OEMs, such as Cisco Systems, D-Link, Hewlett Packard,
Intel, Lucent Technologies, Nbase Communications and Nortel Networks.
Galileo employs more than 200 people worldwide with business headquarters
in San Jose, California and R&D headquarters in Manof, Israel.
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Any forward-looking statements contained in this document reflect
management's current intentions and expectations. Actual future results could
vary materially depending on certain risks and uncertainties, including
dependence on new product development, customer acceptance and competition and
other risk factors listed in the company's most recent report on form 20-F on
file with the SEC.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
GALILEO TECHNOLOGY LTD.
August 12, 1999 By: /s/ George A. Hervey
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George A. Hervey, Sr. Vice President of Finance
and Chief Financial Officer
