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Exhibit No. 99
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[SAGE LOGO]
DIGITAL DISPLAY PROCESSING
Investor Contact
Simon Westbrook
Chief Financial Officer
408-383-5300, ext. 308
[email protected]
SAGE, INC. ANNOUNCES SHAREHOLDER APPROVAL OF MERGER WITH FAROUDJA, INC.
SAN JOSE, CALIF. (JUNE 7, 2000) -- Sage, Inc., (Nasdaq: SAGI) a leading
supplier of digital display processors, announced today that the shareholders
of Sage and Faroudja, Inc. (Nasdaq: FDJA), a world leader in
high-performance video processing technologies, have approved the transaction
for Faroudja to merge into a wholly owned subsidiary of Sage in a
stock-for-stock transaction. The merger will be effective as of the close of
business on June 7, 2000.
Each Faroudja shareholder will receive .285 shares of Sage for every Faroudja
share held in a tax-free exchange. The transaction, accounted for as a
purchase for Sage, is expected to become accretive to Sage's cash earnings
per share during calendar 2001. On a pro-forma basis as of March 31, 2000,
the combined company had shareholders' equity of approximately $176 million
and combined revenues for the year ended March 31, 2000 of approximately $32
million. The combined company will be well positioned to capitalize on the
highly-integrated chip design skills of Sage and the video processing
algorithms of Faroudja. The new company aims to deliver a wide range of
single-chip solutions across a range of markets in a timely and
cost-effective manner.
"With this merger, Sage will provide high quality imaging solutions for a new
generation of digital displays for TVs, PCs and digital appliances," said
Chandra Reddy, president and chief executive officer of Sage, "With our
combined range of IP, technology and know-how across the fields of digital
imaging and video processing, we believe that we will have a dominant
position in the expanding digital display market. Together, we believe that
we have all the necessary components to capture an increasing share of the
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dynamic digital display and other related markets".
Glenn Marschel, Jr., president and chief executive officer of Faroudja,
stated, "We are pleased to be joining forces with Sage. Sage's reputation
for high quality digital display processors, combined with our world-beating
expertise in high performance video processing technologies will allow the
combined company to provide a wide range of video solutions to the world's
leading display manufacturers, thereby expanding our position in the
converging display marketplace. As a result of the merger, the combined
company will also be able to target the television, projector, internet
appliance and DVD marketplaces."
ABOUT SAGE INC.
Sage designs, develops and markets high performance display processors for
use in digital displays. Sage delivers cost-efficient, ASIC and board-level
solutions that effectively take video from any source in any format and
process it for display on any screen at any resolution. Through increasing
levels of integration in successive generations of its processors, Sage is
helping drive down system costs for display manufacturers, thereby
accelerating the adoption of new display technology not only by mainstream PC
markets (for digital desktop monitors), but also by consumer electronics
market segments such as flat TVs, digital CRTs, DVDs and internet appliances.
ABOUT FAROUDJA
Faroudja is a world leader in high performance video processing technologies
for markets requiring superior image quality solutions. Faroudja provides
innovative products for the HDTV broadcast, home theater, digital television
and PC/TV convergence markets. Faroudja's technologies are protected by more
than 60 patents. Faroudja has received numerous awards, including an Emmy
award for Engineering Development and a Lifetime Achievement Emmy presented
in June 1998 to its founder, Yves Faroudja.
SAGE (NASDAQ:SAGI) IS A PUBLICLY TRADED COMPANY LOCATED IN SAN JOSE, CA AND
CAN BE REACHED AT 408-383-5300 (PHONE), 408-383-5310 (FAX) OR THROUGH ITS WEB
SITE AT www.sageinc.com. FOR A DISCUSSION OF FACTORS THAT COULD CAUSE ACTUAL
RESULTS TO DIFFER PLEASE SEE THE PUBLICLY AVAILABLE SEC FILINGS OF SAGE, INC.
INCLUDING ITS 10Q FOR THE QUARTER ENDED DECEMBER 31, 1999 AND PARTICULARLY
THE DISCUSSION OF RISK FACTORS WITHIN SUCH DOCUMENTS.
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