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EXHIBIT 10.18
FOR IMMEDIATE RELEASE
EDITOR'S CONTACT:
Thomas R. Anderson Michael R. Manning
Vice President, CFO Secretary & Treasurer
QLogic Corporation QLogic Corporation
Phone: 714/668-5092 Phone: 714/668-5344
Fax: 714/668-5090 Fax: 714/668-5090
QLOGIC CORPORATION CONFIRMS 2-FOR-1 STOCK SPLIT
Costa Mesa, Calif., January 20, 2000 - QLogic Corporation (Nasdaq:QLGC), a
leading designer and supplier of semiconductor and board-level, input/output
(I/O) and enclosure management products, confirmed today that its Board of
Directors approved a two-for-one split of the Company's issued and outstanding
common stock to be effected by way of a stock dividend. The payable date for the
stock dividend will be February 8, 2000, payable to stockholders of record on
February 2, 2000.
The Company's products provide high-performance interface connections
between computer systems and their attached data storage peripherals, such as
hard disk drives, tape drives and RAID subsystems. In addition, QLogic provides
enclosure management products that monitor and communicate management
information related to components that are critical to computer system and
storage subsystem reliability and availability. QLogic's highly integrated,
fully featured solutions are targeted at the computer system, storage device and
storage subsystem marketplaces. The Company believes that its I/O and enclosure
management solutions encompass one of the industry's broadest ranges of Fibre
Channel and SCSI technologies, and offer OEM customers a simple, low risk
migration path between technologies.
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With the exception of historical information, the statements set forth
above include forward-looking statements that involve risks and uncertainties.
The Company wishes to advise readers that a number of important factors could
cause actual results to differ materially from those in the forward-looking
statements. Those factors include uncertainties concerning the identification
and integration of appropriate technology acquisitions and new technical
personnel; new and changing technologies and uncertain customer acceptance of
those technologies; a change in semiconductor foundry capacity or conditions;
fluctuations in the growth of I/O markets; fluctuations or cancellations in
orders from OEM customers; the Company's ability to compete effectively with
other companies; cancellation of OEM products associated with design wins; and
reductions in the need for space and increased costs of operations due to
facility relocation. Carrying additional expansion space may increase costs and
adversely impact future earnings. These and other factors which could cause
actual results to differ materially are also discussed in the company's filings
with the Securities and Exchange Commission, including its recent filings on
Form S-3, Form 10-K, and Form 10-Q. Trademarks and registered trademarks are the
property of the companies with which they are associated.
More information on QLogic is available from the Company's SEC filings.
Contact QLogic Corporation, 3545 Harbor Blvd., Costa Mesa, CA 92626.
Sales 800/662-4471. Corporate 714/438-2200. World Wide Web
http://www.qlc.com.
