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EXHIBIT 99.1
[INTERPHASE LOGO]
NEWS RELEASE
FOR IMMEDIATE RELEASE
TRADE CONTACT:
Margaret Lietzke Steve Kovac
Interphase Corporation Interphase Corporation
(214) 654-5133/(214) 215-5687 (214) 654-5220
[email protected] [email protected]
INVESTOR CONTACT:
INTERPHASE CORPORATION ADOPTS SHAREHOLDER RIGHTS PLAN
DALLAS, TEXAS, DECEMBER 13, 2000 -- Interphase Corporation (Nasdaq: INPH), an
international supplier of next generation networking technologies, today
reported that its Board of Directors approved the adoption of a Shareholder
Rights Plan under which all shareholders of record as of the close of business
on December 29, 2000 will receive a distribution of rights to purchase
additional shares of the Company's common stock.
The Rights Plan, while not adopted in response to any existing offers, is
designed to ensure that shareholders are given fair and equitable treatment, and
receive the appropriate consideration for their investment, in the event that an
unsolicited attempt is made to acquire Interphase Corporation in a situation
which might involve abusive takeover tactics.
Each right will initially allow the purchase of one share at a price of $93 for
each share held. The rights will be exercisable only in the event that a person
or entity acquires, or makes a tender or exchange offer to acquire, 15 percent
or more of Interphase Corporation's common stock. Upon an acquisition of 15% or
more, each right not owned by the acquiring person or group will be adjusted to
allow the purchase for $93 of a number of shares having a then market value of
$186.
The rights, which expire ten years from the record date, will be distributed to
shareholders as of the record date as a non-taxable dividend. The rights will
trade with Interphase Common stock until, and if, the occurrence of certain
events at which time the rights would become separated. The Board of Directors
may terminate the Rights Plan, or redeem the rights for $0.01 per right, at any
time until the tenth business day
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following a public announcement of a 15% or more stock acquisition. Additional
details will follow in a subsequent mailing to all shareholders as of the record
date.
ABOUT INTERPHASE CORPORATION
Interphase Corporation (Nasdaq: INPH), a leader in Fibre Channel and
next-generation telecommunication technologies, designs and delivers high
performance connectivity adapters for computer and telecommunication networks.
The company's products connect computer and telecommunication servers to
storage area networks (SAN), wide area networks (WAN) and local area networks
(LAN) utilizing Fibre Channel, Asynchronous Transfer Mode (ATM), SS7, Frame
Relay and ISDN technologies. Headquartered in Dallas, with offices in Austin,
Paris, London, and Bangkok, Interphase 1999 revenues were $73.5 million. Clients
include Hewlett Packard, IBM, Compaq/Tandem, Motorola, Sun Microsystems,
Lockheed Martin, and Raytheon. Additional information about Interphase and its
products is available through the company's web site at http://www.iphase.com.
SAFE HARBOR STATEMENT
This press release contains forward-looking statements with respect to financial
results and certain other matters. These statements are made under the "safe
harbor" provisions of the Private Securities Litigation Reform Act of 1995 and
involve a number of risks and uncertainties that could cause actual results to
differ materially from those in the forward-looking statements. Such risks and
uncertainties include, without limitation, fluctuations in demand, the quality
and price of similar or comparable networking products, access to sources of
capital, general economic conditions in the company's market areas, and that
future sales and growth rates for the industry and the company could be lower
than anticipated.
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The Interphase logo is a registered trademark of Interphase Corporation.
