Message #60 From:
NewsBot Date: October 17, 2006 10:35:00 AM
ATYT News AMD's Acquisition of ATI Receives Ontario Superior Court Approval
SUNNYVALE, Calif. & MARKHAM, Ontario--(BUSINESS WIRE)--Advanced Micro Devices, Inc. (NYSE:AMD) and ATI Technologies Inc.
(TSX:ATY) (NASDAQ:ATYT) today announced that the Ontario Superior Court
of Justice has issued the final order approving the arrangement under
which all of ATI’s outstanding common shares
will be acquired by an indirect wholly owned subsidiary of AMD. The
proposed acquisition, announced on July 24, 2006, is expected to be
completed during the week of October 23, subject to satisfaction or
waiver of customary closing conditions.
About AMD
Advanced Micro Devices (NYSE:AMD) is a leading global provider of
innovative microprocessor solutions for computing, communications and
consumer electronics markets. Founded in 1969, AMD is dedicated to
delivering superior computing solutions based on customer needs that
empower users worldwide. For more information visit www.amd.com.
About ATI
ATI Technologies Inc. is a world leader in the design and manufacture of
innovative 3D graphics, PC platform technologies and digital media
silicon solutions. An industry pioneer since 1985, ATI is the world’s
foremost graphics processor unit (GPU) provider and is dedicated to
deliver leading-edge performance solutions for the full range of PC and
Mac desktop and notebook platforms, workstation, set-top and digital
television, game console and handheld device markets. With fiscal 2005
revenues of US $2.2 billion, ATI has approximately 4,000 employees in
the Americas, Europe and Asia.
Safe Harbor Statement
This release contains forward-looking statements, which are made
pursuant to the safe harbor provisions of the U.S. Private Securities
Litigation Reform Act of 1995. Forward-looking statements are commonly
identified by words such as “proposed,”“may,”“expected,”
and other terms with similar meaning. Forward-looking statements are
based on current beliefs, assumptions and expectations and speak only as
of the date of this release and involve risks and uncertainties that
could cause actual results of AMD, ATI or the combined company to differ
materially from current expectations. The material factors and
assumptions that could cause actual results to differ materially from
current expectations include, without limitation, the following:
revenue, cost savings, growth prospects and any or other synergies
expected from the proposed transaction may not be fully realized or may
take longer to realize than expected; the transaction may not be
accretive as expected; AMD or the combined company may not achieve any
year-end or longer-term targeted gross margins, research and development
expenses, selling, general or administrative expenses, operating
margins, capital structure or debt-to-capitalization ratio; AMD or the
combined company may require additional capital and may not be able to
raise sufficient capital, on favorable terms or at all; delays
associated with integrating the companies, including employees and
operations; the possible impairment of goodwill and other long-lived
assets resulting from the transaction and the resulting impact on the
combined company’s assets and earnings;
unexpected variations in market growth and demand for the combined
company’s products and technologies; rapid
and frequent technology changes in the computing and consumer
electronics segments; potential constraints on the ability to develop,
launch and ramp new products on a timely basis; research and development
costs associated with the development of new products and other factors
that may affect future results of the combined company described in the
section entitled “Risk Factors”
in the management information circular that was mailed to ATI’s
shareholders and in AMD and ATI’s filings
with the U.S. Securities and Exchange Commission (“SEC”)
that are available on the SEC’s web site
located at http://www.sec.gov,
including the section entitled “Risk Factors”
in AMD’s Form 10-Q for the fiscal quarter
ended July 2, 2006 and the section entitled “Risks
and Uncertainties” in Exhibit 1 to ATI’s
Form 40-F for the fiscal year ended August 31, 2005. Please see Item
3.12 “Narrative Description of the Business –
Risks and Uncertainties” in ATI’s
2005 Annual Information Form and the Risks and Uncertainties section of
ATI’s annual MD&A on page 30 of ATI’s
2005 Annual report filed on the SEDAR website maintained by the Canadian
Securities Administrators at http://www.sedar.com.
Readers are strongly urged to read the full cautionary statements
contained in those materials. We assume no obligation to update or
revise any forward-looking statement, whether as a result of new
information, future events or any other reason.
