Exhibit 99.1
inSilicon Completes Acquisition of Xentec Inc.
SAN JOSE, Calif., Dec. 19, 2000 - inSilicon Corporation (Nasdaq: INSN) -- a
leading provider of semiconductor intellectual property (IP) communications
platforms -- today announced that it has completed the acquisition of Xentec
Inc., a privately held mixed-communications IP company that specializes in the
design of high-speed mixed-signal analog and wireless technologies.
As previously announced, inSilicon issued approximately 634,000 shares of stock
of an inSilicon Canadian subsidiary that are exchangeable for shares of
inSilicon stock, options to purchase 96,000 shares of inSilicon common stock and
$2.9 million of cash to Xentec shareholders in exchange for all Xentec common
shares and options. In addition, Xentec shareholders have the right to receive
up to an additional 415,000 exchangeable shares over the next two years,
contingent upon the achievement of certain performance milestones. The Xentec
acquisition will be accounted for as a purchase, and Xentec is now an indirect
subsidiary of inSilicon.
About inSilicon
inSilicon Corporation is a leading provider of communications platforms used by
semiconductor and systems companies to design systems-on-chip that are critical
components of wired and wireless products. inSilicon's technology provides
customers faster time-to-market, and reduced risk and development cost. The
company's enabling communications technologies, including the JVX(TM) Java(TM)
Accelerator, Ethernet, USB, PCI, and IEEE-1394 are used in a wide variety of
markets encompassing communications, consumer, computing, and office automation.
inSilicon is a subsidiary of Phoenix Technologies (Nasdaq: PTEC - news).
The statements contained in this press release that are not purely historical
are forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
Such forward-looking statements include, but are not limited to the ability of
the combined company to successfully develop and supply products after the
merger, and the future growth of the markets served by the company. Such
forward-looking statements involve risks and uncertainties that could cause
actual results to differ materially from those projected for both companies.
Risks and uncertainties that could cause actual results to differ materially
from such forward-looking statements include, but are not limited to, risks
associated with difficulties in successfully integrating inSilicon's and
Xentec's businesses and technologies; costs related to the acquisition; failure
of the combined company to retain and hire key executives, technical personnel
and other employees; difficulty of successfully managing a large organization;
and other factors discussed in reports filed by inSilicon with the Securities
and Exchange Commission. The forward-looking statements contained in this news
release are made as of the date hereof and inSilicon does not assume any
obligation to update the reasons why actual results could differ materially from
those projected in the forward-looking statements.
