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PRESS RELEASE: SanDisk Completes Matrix Acquisition
SUNNYVALE, CA, Jan. 17, 2006 - SanDisk® Corporation (NASDAQ: SNDK) today announced that it completed the acquisition of Matrix Semiconductor, Inc., a privately held company based in Santa Clara, California. On October 20, 2005, SanDisk signed a definitive agreement to acquire Matrix, a pioneer in the design and development of three-dimensional (3-D) integrated circuits. Matrix® 3-D Memory is used for one-time programmable storage applications where low cost is the paramount consideration, such as video games, music and other content, and for archiving.
The acquisition consideration included approximately 3.7 million newly issued SanDisk shares, the assumption of equity incentives which could result in the issuance of approximately 600,000 additional shares of SanDisk stock, and cash of approximately $14 million.
SanDisk is the original inventor of flash storage cards and is the world's largest supplier of flash data storage card products using its patented, high-density flash memory and controller technology. SanDisk is headquartered in Sunnyvale, CA and has operations worldwide, with more than half its sales outside the U.S.
About Matrix Semiconductor
Matrix Semiconductor, Inc. is the creator and developer of the world's first three-dimensional integrated circuits. Matrix's first product, Matrix® 3-D Memory (3DM), is a low cost, high density line of permanent, one-time programmable, non-volatile memory that is compatible with existing standards. Matrix 3-D Memory accelerates time-to-market for publishers of digital content and is targeted for use in portable consumer electronic devices.
SanDisk and Matrix are each trademarks of SanDisk Corporation or its subsidiaries, registered in the and other countries.
(First posted on Tuesday, January 17, 2006 at 12:35 EST)