Under terms of the agreement dated April 17, 2001, QuickLogic acquired certain assets of Toronto-based V3 on August 1, 2001 for approximately 2.5 million shares of QuickLogic common stock valued at US$11.3 million.
When we announced the definitive agreement in April, we said that we believed the companies had strong synergies that would help drive QuickLogic’s evolution from a component company to one that offers subsystems and system-level solutions, said Tom Hart, chairman, president and CEO of QuickLogic. Since then, the hard work and goodwill of the talented people at both companies have begun to produce real improvements in our existing ESP product lines, as well as to move us further toward our goal of producing viable alternatives to ASICs. I believe that QuickLogic’s strategic, technical and product capabilities are stronger than ever.
V3 filed for relief under Chapter 11 of the bankruptcy laws on May 22, 2001 in the Northern District of California. It is anticipated that all creditors will be paid in full and that the remaining shares of QuickLogic common stock in the transaction will be distributed to V3’s shareholders.
SOURCE: COMPANY PRESS RELEASE
