Apogee Sells Audio Division to SigmaTel; Company to Focus Resources on its MEMS/Nanotechnology Division
October 05 2005 - 4:24PM
Business Wire
Apogee Technology, Inc. (AMEX: ATA), a global provider of audio
integrated circuits and an emerging Micro-Electromechanical Systems
("MEMS") device supplier, reported today that it has sold the
assets of its audio division, including its Direct Digital
Amplifier (DDX(R)) technology to SigmaTel, Inc. (NASDAQ: SGTL), a
global leader in analog intensive, mixed-signal integrated circuits
for the digital multimedia consumer electronics and computing
markets. The engineering and marketing staff related to the audio
division will be offered positions at SigmaTel to ensure a seamless
transfer of the business. In connection with the asset purchase,
Sigmatel will pay Apogee $9.4 million in cash plus a one-year
earn-out of up to $4.5 million. Herbert Stein, Apogee's Chairman
and CEO said, "Apogee has established itself as a technology
innovator, by designing, developing and marketing silicon solutions
based upon proprietary technologies such as DDX. The Company plans
to focus on these core strengths by using the capital from this
sale to enhance the development of its MEMS/Nanotechnology Division
product lines for use in a broad range of applications. We have
made strong progress toward this goal with the recent announcement
of our family of Sensilica(TM) pressure sensors and the rapid
progress that we have made in developing our MEMS based medical
devices." In June 2005, the Company announced its first Sensilica
"all silicon" pressure sensor product and has recently completed
the design of six additional sensors. The Company believes its
Sensilica products have size, cost, performance and reliability
advantages over competitive solutions, making them ideal for
industrial, consumer, automotive, medical and HVAC pressure
measurement applications. Initial engineering samples have been
supplied to lead customers and the Company expects to ship
production Sensilica devices by the end of this year. The Company
plans to expand its existing worldwide distribution channel with
new independent distributors and representatives to address new
markets for its Sensilica products. The Company is performing
research to develop new sensor technologies in cooperation with The
Research Foundation of State University of New York at Stony Brook
and New York based Center for Advanced Sensor Technology. The goal
of this research is to combine nano-composite materials and
silicon-based microfabrication processes to enable a new generation
of ultra-sensitive micro-sized sensors for gas and biological
monitoring. The Company is also working to develop MEMS based
medical devices. The initial effort is directed towards developing
a device to enhance transdermal drug delivery ("TDD"). The Company
recently achieved a key milestone in the development of its MEMS
based TDD platform by demonstrating in laboratory tests improved
drug delivery rates through human skin. The next step in the
development plan is to verify the effectiveness of the platform
with a specific drug application and then to perform the tests
necessary to obtain approval from the Federal Drug Administration
(FDA) to commercialize the product. In conjunction with completing
these key milestones, the Company plans to pursue partnerships with
pharmaceutical companies to further the development and
commercialization of the device. The Company's goal is to apply its
MEMS technology to develop a solution that will provide painless
drug delivery for a wide range of applications while avoiding
problems associated with oral and intramuscular drug delivery.
About Apogee Technology, Inc Apogee Technology is a fabless
semiconductor company that designs, develops and markets silicon
based products that incorporate proprietary technologies. The
Company is developing new system-on-chip products using its analog
and digital circuit designs and Micro-Electromechanical Systems
("MEMS") technology for the consumer, medical, automotive and
communications markets. The Company operates a worldwide marketing
and sales organization and has offices in the US, Hong Kong and
Japan. For more information please visit our web site at:
http://www.apogeeddx.com. Certain statements made herein that use
the words "anticipate," "hope," "estimate," "project," "intend,"
"plan," "expect," "believe" and similar expressions are intended to
identify forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements involve known and unknown risks and
uncertainties, which could cause the actual results, performance or
achievements of the company to be materially different from those
that may be expressed or implied. Please refer to the company's
risk factors as set forth in the company's filings with the
Securities and Exchange Commission, including its reports on Forms
10-KSB and 10-QSB.
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