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Exhibit 99.1
FOR IMMEDIATE RELEASE
For more information, contact:
Lisa Masiello Richard Soshea Nate James
CP Clare Teltone KVO Public Relations
978-524-6889 425-951-3003 503-221-2378
[email protected] [email protected] [email protected]
CP CLARE ACQUIRES TELTONE TECHNOLOGY
FOR NEW NETWORK INTERFACING SOLUTIONS
-ADDS INDUSTRY-STANDARD TONE GENERATION & DETECTION
PRODUCTS TO MIXED SIGNAL IC PORTFOLIO-
BEVERLY, MA and BOTHELL, WA -Aug. 10, 2000 - CP Clare Corporation (NASDAQ: CPCL;
d/b/a Clare), a recognized leader in high-performance mixed-signal integrated
circuits (IC) and discrete semiconductor components, today announced it has
agreed to acquire the integrated circuit business unit of Teltone Corporation,
(OTCBB: TTNC) a leading provider of remote voice solutions and telecom
equipment. The acquisition is expected to close August 25, 2000 and will be
accounted for under the purchase method of accounting. Other terms were not
disclosed. Tone generation and detection functions are fundamental for many new
network interface applications including cellular and Internet phones,
high-speed modems, central office switches, and other equipment that connects to
the telephone network. The acquisition gives Clare's customers access to a
portfolio of industry-standard tone signaling products as well as a family of
proprietary advanced call progress and call detection IC's. The acquisition
augments Clare's offering of mixed-signal IC products that support applications
at the edge of the network.
"New applications such as Voice over Internet Protocol (VoIP), home gateways,
Voice over DSL, Bluetooth enabled cordless phones etc., are driving strong
demand for tone generation and call progress IC products. We expect this demand
to continue to grow,"
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said Arthur R. Buckland, Clare President and CEO. "This accretive acquisition
complements our existing product lines and expands our IC offering to our target
markets that are developing and producing the next generation of voice based
products that interface to the network.
"Teltone's tone generation and detection IC products have a strong heritage of
reliability and network compatibility. This pre-packaged expertise allows system
designers one of the fastest and most reliable paths from system specification
to system production," said Richard Soshea, President and CEO, Teltone
Corporation. "Teltone's strategic direction has been refocused over the past few
months and the IC business, while significant, is no longer part of the new
direction. Our sale of this business segment allows Teltone to focus on its
rapidly growing remote voice and telecom equipment segments. The sale was
facilitated by Alliant Partners, who had been retained earlier this year to help
Teltone maximize shareholder value in each of its business segments."
ABOUT CLARE
Clare is a leader in the design and manufacture of high-performance mixed-signal
integrated circuits, as well as high-voltage ICs and discrete semiconductor
devices. The company's products enable communications by providing the critical
interface between high-voltage electrical signals and the low-voltage
electronics that process those signals. Leading manufacturers of data
communications, telecommunications and industrial equipment around the world
rely on Clare for semiconductors and specialized electronic components. Clare
trades on the NASDAQ exchange under the symbol CPCL. Additional information
about Clare can be found at www.clare.com.
ABOUT TELTONE
Teltone Corporation (OTCBB:TTNC) designs, develops and markets industry
award-winning remote voice solutions that extend enterprise communications
infrastructure to branch offices and other remote locations. With the
OfficeLink line of products, companies are afforded seamless remote access to
the PBX/ACD as well as CTI and intelligent routing applications. Teltone also
provides a line of award-winning telecom
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test tools that can meet the needs of sales and tradeshow demonstration,
engineering test and production test applications. Customers for these products
include any manufacturer or developer of telecom equipment, which provides
connectivity to the global public telephone network. For additional information
about Teltone visit the company's Web site at www.teltone.com.
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