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SCHEDULE 14A
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INTEGRATED CIRCUIT SYSTEMS, INC.
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FOR IMMEDIATE RELEASE
INTEGRATED CIRCUIT SYSTEMS ANNOUNCES POSTPONEMENT OF
ANNUAL MEETING TO JANUARY 25, 1999
Valley Forge, PA- December 29, 1998 Integrated Circuit Systems Inc. (NASDAQ:
ICST) announced today that it has postponed the Company's Annual Meeting until
January 25, 1999. The Annual Meeting was originally scheduled for December 30,
1998. In consideration for the postponement, Dr. Prodromou has agreed to dismiss
the litigation he filed on December 24, 1998, in the Court of Common Pleas for
Montgomery County, Pennsylvania, which sought to preliminarily enjoin the
December 30 Annual Meeting. ICS has also agreed to provide Dr. Prodromou the
list of ICS shareholders.
The Company stated, "Despite our belief that Dr. Prodromou's lawsuit has no
merit, this postponement will avoid the unnecessary waste of time and resources
involved in fighting this litigation. We look forward to the rescheduled Annual
Meeting at which time our shareholders will have a clear choice between the
management's nominees to the Board and Dr. Prodromou's nominees."
The ICS by-laws provide that any shareholder desiring to nominate candidates for
election as directors at a shareholders meeting must provide certain information
to the Company at least 50 days and not more than 75 days prior to the date of
the meeting. Given that the Annual Meeting is now scheduled for January 25,
1999, Dr. Prodromou's dissident director nominees are now entitled to stand for
election at the Annual Meeting.
As previously announced on December 24, 1998, Institutional Shareholder Services
Inc. (ISS), the nation's leading institutional shareholder advisory firm,
recommended that ICS shareholders vote FOR management's director nominees on the
WHITE proxy card at ICS' Annual Meeting.
Integrated Circuit Systems Inc. is a manufacturer of integrated circuit products
focusing on the design and marketing of mixed signal integrated circuits for
frequency timing, multimedia and data communications applications. The Company
is headquartered in Valley Forge, Pennsylvania with a major facility in San
Jose, California.
# # #
Contacts:
Dan Katcher / Matt Sherman Arthur Crozier
Abernathy MacGregor Frank Innisfree M&A
212-371-5999 212-750-5833
