BURLINGTON, ON OCTOBER 26, 2007 -- Gennum Corporation (TSX: GND) has closed the previously announced sale of its hearing instrument products and manufacturing operations to Sound Design Technologies Ltd., a Gores Equity portfolio company. With this sale, Gennum achieves another significant milestone in its goal to focus its development efforts on next generation high-performance optical, analog and mixed-signal solutions.
Gennum’s hearing instrument product portfolio includes the Foundation®, Advanta™, Venture™ and Voyageur™ digital signal processing (DSP) products. Sound Design Technologies acquired Gennum’s innovative thinSTAX® technology, a dense packaging and miniaturization capability critical for hearing aids and other assistive audio listening devices. Sound Design Technologies also acquired Gennum’s 95,000-square-foot manufacturing facility housing 100 mm wafer fabrication operations and leading-edge packaging technologies.
Proceeds in the form of cash and an interest bearing note are approximately $12.5 million. The hearing instrument and manufacturing operations will remain headquartered in Burlington, Ontario.
Gennum and Gores Equity reached a definitive agreement for the sale on September 10, 2007.
About Gennum
Gennum Corporation (TSX: GND) is a leading designer and manufacturer of semiconductor solutions for the global video and data communication markets. A winner of a Technical Emmy® award for advances in high definition (HD) broadcasting, Gennum’s broad portfolio of products and technologies include image processors, video timing and transport products, ICs for optical transceivers and backplane interconnects. Gennum is headquartered in Burlington, Canada, and has global design, research and development and sales offices in Canada, Japan, Korea, Taiwan and the United Kingdom. www.gennum.com.
Disclaimer
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