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EXHIBIT 99.1
FOR IMMEDIATE RELEASE
EDITOR'S CONTACT:
Steve Sturgeon
QLogic Corporation
Phone: 949/389-6268
Fax: 949/389-6126
INVESTOR'S CONTACT:
Tom Anderson
QLogic Corporation
Phone: 949/389-6213
Fax: 949/389-6114
QLOGIC COMPLETES MERGER WITH ANCOR COMMUNICATIONS
ALISO VIEJO, Calif., August 1, 2000 - QLogic Corp. (NASDAQ:QLGC), the leading
SAN infrastructure provider, today announced that it has completed its merger
with Ancor Communications, Incorporated. Earlier today both QLogic and Ancor
shareholders approved the transaction. Pursuant to the merger, which is
structured as a tax-free reorganization for U.S. Federal Income Tax purposes and
is intended to be accounted for as a pooling of interests, QLogic will exchange
0.5275 shares of common stock for each share of Ancor common stock. Appropriate
regulatory clearances have already been obtained.
The merger with Ancor extends QLogic's extensive portfolio of products based on
Fibre Channel technology. QLogic expects to leverage key customer relationships
to produce synergistic Fibre Channel solutions for the rapidly growing SAN
marketplace.
"The merger with Ancor enhances QLogic's strength in the SAN marketplace," said
H.K. Desai, chairman, president and CEO of QLogic. "Employees of both companies
have been actively planning the successful integration of the business. Our
customers will benefit from complete, tested SAN solutions, as well as faster
time-to-market deployment of Fibre Channel products."
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QLogic expects the transaction to be neutral to slightly accretive to earnings
for the calendar year ending December 2001, and accretive to QLogic's fiscal
year ending March 2002, excluding the potential impact of operational and
strategic benefits. The Company also noted that it will take a charge to
earnings to account for merger and related charges in the September quarter.
ABOUT QLOGIC
QLogic Corporation is changing the way the world views Storage Area Networks
(SANs), serving OEMs, VARs and system integrators with the broadest line of SAN
infrastructure components in the industry. With over 15 years of enterprise
storage experience, the company delivers a full range of Fibre Channel switches,
PCI host bus adapters, controller silicon and management chips for systems and
peripherals, as well as the QLogic Management Suite of SAN management software
solutions. A member of the Nasdaq-100(R) Index, QLogic recently emerged on the
Forbes 500 and Business Week 200 lists. QLogic is integrated in over 200 OEM
solutions, including: AMI, Compaq, Dell, EMC, Fujitsu, Hitachi, HP, IBM,
INRANGE, Iwill, MTI Technology Corp., Quantum, Raidtec, Siemens, Sun and Unisys.
For more information about QLogic and its products, contact QLogic Corp., 26600
Laguna Hills Drive, Aliso Viejo, CA 92656; telephone: 800/662-4471 (sales);
949/389-6000 (corporate); fax: 949/389-6126; home page http://www.qlogic.com.
DISCLAIMER - FORWARD LOOKING STATEMENTS
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 new and changing technologies and 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.
