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SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE SECURITIES
EXCHANGE ACT OF 1934 (AMENDMENT NO. )
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PIXTECH, INC.
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Notes:
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[LOGO APPEARS HERE] PixTech
To our stockholders:
As you know, in March of this year (1999), PixTech announced an exciting move --
our pending acquisition of the Micron Display Division which is designed to
catapult our progress toward commercializing Field Emission Display (FED)
technology. This division of Micron Technology will be a great benefit to
PixTech and this letter is designed to clarify the key advantages of this
transaction as well as the financial details.
Upon closing this transaction, which is subject to various requirements
including shareholder approval, PixTech will receive from Micron:
. Fixed assets, primarily equipment, with a gross value of approximately $40
million and a net value of about $24 million;
. $4.4 million in cash;
. Approximately $3.0 million in long-term liabilities and current liabilities
associated with the day-to-day operations, which are not expected to exceed
roughly $0.5 million;
. A ten-year, worldwide, royalty-free license on Micron's some 400 FED-related
patents; and
. Favorable leasing terms from Micron on the Boise, Idaho facility.
By our calculations we are getting a great deal for 7.1 million shares of
PixTech Common Stock and 310,000 warrants to purchase PixTech Common Stock at
$2.25, which is what PixTech is paying for all the above.
We are eager to move our product development team from Santa Clara to Boise, and
to begin the integration of the outstanding group of engineers each company
brings to the table. We believe this combination places us soundly at the
forefront of FED development.
We ask that you support this exciting development at PixTech by voting "yes" on
the proxy you received several days ago. In addition, please feel free to
attend our Annual Meeting of Stockholders at the Grand Central Hyatt, 42nd
Street and Park Avenue in New York, New York on May 12, 1999 at 3:00 p.m.
Sincerely,
/s/ Dieter Mezger
Dieter Mezger
President and Chief Executive Officer
