SMSC (Nasdaq: SMSC) today announced that, as inducement to entering into
employment with the Company, an aggregate of 59,565 stock option and
restricted stock grants were granted and valued based on the closing
price per share of SMSC common stock on May 15, 2008 to 24 individuals
with the titles ranging from customer service representative to
divisional vice president. This notice of the aforementioned employment
inducement stock option and restricted stock grants was made in
accordance with Nasdaq Marketplace Rule 4350.
About SMSC:
Many of the world’s most successful global
technology companies rely upon SMSC as a go-to resource for
semiconductor system solutions that span analog, digital and
mixed-signal technologies. Leveraging substantial intellectual property,
integration expertise and a comprehensive global infrastructure, SMSC
solves design challenges and delivers performance, space, cost and
time-to-market advantages to its customers. SMSC’s
application focus targets key vertical markets including consumer
electronics, automotive infotainment, PC and industrial applications.
The Company has developed leadership positions in its select markets by
providing application specific solutions such as mixed-signal system
controllers, non-PCI Ethernet, ARCNET, MOST®
and Hi-Speed USB.
SMSC is headquartered in Hauppauge, New York with operations in North
America, Asia and Europe. Engineering design centers are located in
Arizona, New York, Texas and Karlsruhe, Germany. Additional information
is available at www.smsc.com.
Forward Looking Statements:
Except for historical information contained herein, the matters
discussed in this announcement are forward-looking statements about
expected future events and financial and operating results that involve
risks and uncertainties. These uncertainties may cause our actual future
results to be materially different from those discussed in
forward-looking statements. Our risks and uncertainties include the
timely development and market acceptance of new products; the impact of
competitive products and pricing; our ability to procure capacity from
our suppliers and the timely performance of their obligations, commodity
prices, the effects of changing economic conditions domestically and
internationally and on our customers; our relationships with and
dependence on customers and growth rates in the personal computer,
consumer electronics and embedded and automotive markets and within our
sales channel; changes in customer order patterns, including order
cancellations or reduced bookings; the effects of tariff, import and
currency regulation; potential or actual litigation; and excess or
obsolete inventory and variations in inventory valuation, among others.
In addition, SMSC competes in the semiconductor industry, which has
historically been characterized by intense competition, rapid
technological change, cyclical market patterns, price erosion and
periods of mismatched supply and demand.
Our forward looking statements are qualified in their entirety by the
inherent risks and uncertainties surrounding future expectations and may
not reflect the potential impact of any future acquisitions, mergers or
divestitures. All forward-looking statements speak only as of the date
hereof and are based upon the information available to SMSC at this
time. Such statements are subject to change, and the Company does not
undertake to update such statements, except to the extent required under
applicable law and regulation. These and other risks and uncertainties,
including potential liability resulting from pending or future
litigation, are detailed from time to time in the Company's reports
filed with the SEC. Investors are advised to read the Company's Annual
Report on Form 10-K and quarterly reports on Form 10-Q filed with the
Securities and Exchange Commission, particularly those sections entitled "Other
Factors That May Affect Future Operating Results”
or "Risk Factors”
for a more complete discussion of these and other risks and
uncertainties.
SMSC and MOST are registered trademarks of Standard Microsystems
Corporation.
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