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EXHIBIT 99.1
AMCC Completes Merger With MMC Networks
SAN DIEGO--(BUSINESS WIRE)--Oct. 25, 2000--Applied Micro Circuits Corp.
(Nasdaq:AMCC - news), the leader in high-bandwidth silicon connectivity for the
world's optical networks, today announced that it has completed the merger with
MMC Networks Inc. (Nasdaq:MMCN - news), a pioneer and market leader in providing
network processors, traffic management and switch fabric technology, located in
Sunnyvale, Calif.
At a special meeting of shareholders held today, the MMC Networks
shareholders approved the merger. As previously announced, each outstanding
share of MMC Networks common stock has been converted into 0.619 shares of AMCC
common stock (1.238 shares of AMCC common stock as adjusted for AMCC's 100%
stock dividend payable on Oct. 30, 2000). At the close of trading on October 25,
2000, MMC Networks common stock ceased to be traded on the Nasdaq National
Market and shareholders of MMC Networks have become shareholders of AMCC.
About AMCC and MMC Networks
AMCC designs, develops, manufactures, and markets high-performance, high-
bandwidth silicon solutions for the world's optical networks. AMCC utilizes a
combination of high-frequency analog, mixed-signal and digital design expertise
coupled with system-level knowledge and multiple silicon process technologies to
offer integrated circuit products that enable the transport of voice and data
over the fiber optics networks.
MMC is the market leader in providing total network processing platforms
and services, enabling network and communications equipment vendors to rapidly
develop scalable, feature-rich, cost-effective products. MMC's platforms include
fully programmable, policy-enabled network processors, an open, extensive
software architecture, high-capacity switching fabrics, and integrated traffic
management capabilities, complemented by system design and consulting services.
MMC platforms form the silicon heart of many Layer 2-Layer 7 WAN and LAN
switches and routers, broadband, optical, Web switching, subscriber management,
and other communications platforms. AMCC's corporate headquarters and wafer
fabrication facilities are located in San Diego. Sales and consulting
engineering offices are located throughout the world.
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 AMCC's and MMC
Networks' businesses and technologies; costs related to the merger; 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 AMCC and MMC Networks with the
Securities and Exchange Commission. The forward-looking statements contained in
this news release are made as of the date hereof and AMCC does not assume any
obligation to update the reasons why actual results could differ materially from
those projected in the forward-looking statements.
AMCC and MMC Networks are registered trademarks of Applied Micro Circuits
Corp.
