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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) July 7, 1997
Silicon Valley Research, Inc.
(Exact name of registrant as specified in charter)
CALIFORNIA 0-13836 94-2743735
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(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
6360 SAN IGNACIO AVENUE, SAN JOSE, CALIFORNIA 95119-1231
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (408) 361-0333
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(Former name or former address, if changed since last report)
This Current Report, including exhibits, contains 6 pages. The
Exhibit Index is located on page 4 .
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ITEM 5. OTHER EVENTS.
Silicon Valley Research, Inc. (the "Company") recently exited the
integrated circuit design verification market and ceased sales and support of
its integrated circuit design verification product line that the Company had
licensed from Lucent Technologies, Inc.
Further, the Company announced on July 7, 1997 that it anticipates
releasing approximately ten percent of its work force and taking a charge of
approximately $2 million for costs associated with these actions.
A copy of the press release announcing the Company's exit from the
verification market and reduction in work force is attached as Exhibit 99.1 and
is incorporated herein by reference.
ITEM 7. EXHIBITS.
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Exhibit No. Description
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<S> <C>
99.1 Press Release dated July 7, 1997 announcing the
Company's exit from the verification market and
reduction in work force
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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 hereunto duly authorized.
SILICON VALLEY RESEARCH, INC.
Date: July 10, 1997 By: /s/ Laurence G. Colegate, Jr.
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Laurence G. Colegate, Jr.
Chief Financial Officer and Senior Vice
President of Finance and Administration
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EXHIBIT INDEX
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Sequentially
Exhibit No. Description Numbered Page
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<S> <C> <C>
99.1 Press Release dated July 7, 1997 announcing 5
the Company's exit from the verification
market and reduction in work force
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EXHIBIT 99.1
FOR IMMEDIATE RELEASE NEWS RELEASE
For More Information, Contact:
Robert R. Anderson Laurence G. Colegate, Jr.
Chairman of the Board Senior Vice President,
Chief Executive Officer Finance and Administration
Silicon Valley Research, Inc. Silicon Valley Research, Inc.
(408) 361-1011 (408) 361-1015
[email protected] [email protected]
SILICON VALLEY RESEARCH
EXITS VERIFICATION MARKET
SAN JOSE, CALIFORNIA, JULY 7, 1997 -- Silicon Valley Research, Inc. (NASD: SVRI)
announced today that it has ceased sales and support of the integrated circuit
("IC") Design Verification ("Clover(TM)") product line that it had licensed from
Lucent Technologies, Inc.
The Company stated that it took this action to enable it to concentrate
all of its resources on its core business market of Automated Place and Route
software and associated key product technology for deep sub-micron IC designs.
On June 30, 1997 SVR released a new generation of IC Place and Route product
line - SonIC(TM) 3.0, which has been under development for several years and
incorporates significant new proprietary technology. On April 24, 1997, SVR
announced that it had released to the market a new generation of placement
technology - TeraCell(TM), which is available with SVR products. The
TeraCell(TM) technology is based on novel new algorithms with significant speed
and quality improvements.
The Company is in the process of conducting a stepped-up marketing
campaign for its recently released SonIC(TM) 3.0 and its SC(TM) product lines,
which also incorporate TeraCell(TM).
SVR licensed the Clover(TM) verification product line from Lucent
Technologies, Inc. in June, 1996 and has had limited success in spite of
actively marketing the product line with a dedicated support team. The
Company stated that approximately ten percent of its work force would be
released and that it would take a charge of approximately $2 million for
costs associated with these actions.
- MORE-
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Founded in 1979, SVR - Silicon Valley Research develops, markets and
supports innovative IC physical design software for floorplanning, placement,
routing, custom layout and parasitic extraction of deep submicron Application
Specific Integrated Circuits (ASICs), Application Specific Standard Products
(ASSPs), mixed signal ICs and microprocessors. The advanced technology in SVR's
production-proven tools result in denser, higher yielding, high performance
chips. Headquartered in San Jose, California, the Company has sales offices and
distributors in the United States, Europe and Asia.
TeraCell(TM) was developed by CLK CAD, a development stage company
developing advanced IC functional placement technology. CLK CAD is located in
Fremont, California.
The preceding paragraphs include forward-looking statements. All
forward-looking statements involve risks and uncertainty, and actual results of
the Company could vary materially from the forward-looking statements. Further
information on potential factors which may affect the Company's financial
results are included in the Company's Quarterly Reports on Form 10-Q and the
Company's Annual Report on Form 10-K.
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