Friday, June 22, 2007

   Navigation and Multimedia SoCs broaden SiRF's Multifunction Offerings

SAN JOSE, Calif., June 21 /PRNewswire-FirstCall/ -- SiRF Technology
Holdings, Inc. (Nasdaq: SIRF), a leading provider of GPS-enabled silicon
and premium software location platforms, today announced that it has signed
a definitive agreement to acquire Centrality Communications Inc, a leading
developer of navigation processor solutions for mobile navigation devices,
for a total consideration of $283 million in stock and cash.
Founded in 1999, Centrality has developed a range of system on a chip
(SoC) offerings that bring high quality navigation and multimedia
experience to consumers in mobile environments. Headquartered in Redwood
City, California, Centrality has more than 190 employees and a worldwide
presence with its main development center in Shanghai, China and branch
offices in Taipei, Seoul and Brussels.
Centrality's Atlas(TM) and Titan(TM) family of navigation processors
together deliver the new standard in features and value for the navigation
infotainment systems (NIS) market. By leveraging Centrality's suite of
reference platforms, leading NIS manufacturers can deliver compelling
products and services to market quickly.
"World class multifunction SoC platform expertise is a significant
differentiator for us, especially as we address the emerging needs of
portable navigation, automotive and consumer markets with value-added
products," said Dr. Michael Canning, president and chief executive officer
of SiRF. "Centrality's team has a proven track record of delivering
innovative solutions to market and we believe that the combined entity can
provide a very attractive product portfolio to address the price
performance and functionality needs of our customers. In addition, the
Shanghai Center will enable us to scale our development activities rapidly
and significantly strengthen our capabilities to address the fast-growing
China market."
With its primary focus on portable navigation-infotainment devices,
Centrality has developed a range of platforms centered on enhancing the
location, information and entertainment experience of consumers. Based on a
proprietary dual-core processor architecture, these SoCs have integrated
GPS, DSP, graphics and multimedia accelerators, providing breakthrough
performance while achieving lower cost. While the Atlas(TM) family focuses
on high performance value solutions, the Titan(TM) platform is designed for
the highest end solutions.
"Centrality has developed a leading innovative family of SoC processors
for navigation infotainment systems and these combined with SiRF's overall
location platform market leadership, global brand recognition, and
worldwide support infrastructure opens up vast opportunities for our
platforms," said Rob Baxter, president and chief executive officer of
Centrality. "Joining forces with SiRF enables us to combine our SoC
platform and media expertise with SiRF's location and multifunction radio
expertise, further strengthening our technology leadership position and
enabling us to bring more value-added products to market quickly."
Centrality delivers platforms with full reference design support in
order to ensure that customers enjoy the best system performance, shortest
time-to- market and enhanced product differentiation. As a leading provider
of embedded GPS platforms, Centrality supports multiple operating system
environments to address customer needs. With a large number of fully
qualified ODM customers, Centrality can help bring better and more
innovative products to market faster.
"SiRF and Centrality have a shared vision of bringing the benefits of
location information to mainstream consumers through innovations. We
believe that there is a large potential market opportunity for mobile
consumer devices with convergence of location, entertainment and wireless
communications capabilities," said Kanwar Chadha, founder and vice
president of marketing for SiRF. "Our combined expertise can deliver very
powerful end-to-end multifunction location platforms to location-enable a
broad range of new devices and services and to help our customers,
operators and content partners add more value to their offerings while
significantly enhancing the consumer experience."
Under the terms of the Agreement, in exchange for all of the
outstanding capital stock of Centrality, including equity awards, SiRF has
agreed to pay $283 million in a combination of cash and shares of SiRF
Common Stock. The boards of directors of both companies have approved the
merger. Completion of this transaction is subject to customary closing
conditions and is expected to close next quarter.
Conference Call Details
SiRF Technology Holdings, Inc. will host conference call at 5:00PM
EDT/2:00PM PDT today, June 21, to discuss this acquisition. The conference
call will be webcast live via the Internet in the investor relations
section of the SiRF website at Interested parties
should access the site, downloading any necessary audio software, at least
ten minutes prior to the call. An archived webcast replay of the call will
be available at the web site for twelve months.
To listen to the call, please dial (800) 896-8445 (domestic) or (785)
830-1916 (international) approximately 10 minutes prior to the start time.
The conference ID is: SIRF. A telephonic replay will be available
approximately two hours following the call and will remain available for
one week. The telephone playback of the conference call can be accessed by
dialing (800) 839-5576.
About SiRF Technology
SiRF Technology Holdings, Inc. develops and markets semiconductor and
software products that are designed to enabled location-awareness utilizing
GPS and other location technologies, enhanced by wireless connectively
capabilities such as Bluetooth, for high-volume mobile consumer devices and
commercial applications. SiRF's technology has been integrated into mobile
consumer devices such as automobile navigation systems, mobile phones,
PDAs, GPS-based peripherals and handheld GPS navigation devices, and into
commercial applications such as location servers, asset tracking devices
and fleet management systems. SiRF markets and sells its products in three
target platforms: wireless handheld devices, such as mobile phones;
automotive electronics systems, including navigation and telematics
systems; and consumer and compute devices, including personal digital
assistants, notebook computers, recreational GPS handhelds, mobile gaming
machines, digital cameras and watches. Founded in 1995, SiRF is
headquartered in San Jose, California, and has sales offices, design
centers and research facilities around the world. The company trades on the
NASDAQ Stock Exchange under the symbol SIRF. Additional information about
SiRF and its location technology solutions can be found at
About Centrality Communications, Inc.
Centrality is a leading developer of semiconductor system solutions for
GPS navigation products. Headquartered in Redwood City, California,
Centrality also has a worldwide presence with branch offices in Shanghai,
Taipei, Seoul, Caymans and Brussels. Centrality's Atlas(TM) and Titan(TM)
family of navigation processors together deliver the new standard in
features and value for the navigation infotainment systems (NIS) market. By
leveraging Centrality's suite of reference platforms, leading NIS
manufacturers can deliver compelling products and services to market
quickly. For more information, please visit: .
Forward-Looking Statements:
Except for the historical information contained herein, the matters set
forth in this press release, including, but not limited to, statements
regarding the benefits of the combined company, including its product
portofolio, price-performance-functionality, our ability scale our
development activity in Shanghai and our ability to strenthen our position
in the China market, the benefits of the Titan platform, our ability to
strengthen Centrality's technology position and bring products to market
quickly, the market opportunity for mobile consumer devices, ability of
Centrality to strengthen SiRF's multifunction location platform strategy,
its world class multifunction SoC platform expertise and the anticipated
closing of the acquisition are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Words such
as "to," "being," "possible," "may," "will," "addresses," "designed to,"
"provide," "believe," and similar expressions are intended to identify
forward-looking statements. These statements are not guarantees of future
performance and should not be considered as an indication of future
performance. SiRF's actual results could differ materially from those
discussed in these forward-looking statements as a result of risks and
uncertainties, including, among others, the risk that we may not realize
the anticipated benefits of this acquisition, risks associated with
acquisitions, including the ability to successfully integrate the acquired
technologies or operations, potential diversion of management's attention
and our ability to retain key employees of acquired businesses, demand and
market acceptance for our products and those of our customers, the market
for GPS-based location awareness, risks associated with the semiconductor
industry and other risks and uncertainties discussed in the Company's
Quarterly Report on Form 10-Q for the quarter ended March 31, 2007 and from
time to time in SiRF's SEC reports. These forward-looking statements speak
only as of the date hereof. We do not undertake any obligation to update
forward-looking statements.


1 comment:

Felcy said...

I actually enjoyed reading through this posting.Many thanks.

Infotainment Systems