Phoenix Technologies Announces Strategic Sale of HyperSpace Assets to HP
MILPITAS, California, June 10, 2010 --
Phoenix Technologies Announces Strategic Sale of HyperSpace Assets
to HP MILPITAS, Calif., June 10, 2010 /PRNewswire via COMTEX News
Network/ -- Phoenix Technologies Ltd. (Nasdaq: PTEC), the global
leader in core systems software (CSS), today announced that HP has
agreed to purchase the assets related to Phoenix's HyperSpace(R),
HyperCore(R) and Phoenix Flip(TM) instant-on and client
virtualization products. The consideration for the transaction is
$12 million in cash and the closing is expected to occur in June
2010. This transaction is another example of Phoenix implementing
its strategic decision to focus on the core systems software (BIOS)
market, in which the Company has a long established leadership
position.
"We are very pleased that HP has agreed to acquire these
assets relating to Phoenix's HyperSpace, given HP's rich history of
innovation and product differentiation," said Tom Lacey, President
and CEO of Phoenix.
In January 2010, Phoenix announced that it
would restore its strategic focus on its CSS business where it
remains the global industry leader. To better align its resources
with this strategy, in April 2010, Phoenix sold its FailSafe and
Freeze assets. Divesting other non-core assets including Hyperspace
and eSupport are among the Company's plans to further reduce
expenses associated with non-core products. Phoenix continues to
enhance its CSS technology and has already launched its SecureCore
Tiano 2.0 BIOS product designed to drive future growth and market
share gains as the Company executes on its BIOS-focused strategy.
About Phoenix Technologies Ltd.
Phoenix Technologies Ltd. (aq:
PTEC), the leader in core systems software products, services and
embedded technologies, pioneers open standards and delivers
innovative solutions that enable the PC industry's top system
builders and specifiers to differentiate their systems, reduce
time-to-market and increase their revenues. The Company's flagship
products -- SecureCore Tiano(TM) and Embedded BIOS(R) -- are
revolutionizing the PC user experience by delivering unprecedented
performance, security, reliability, continuity, and ease-of-use. The
Company established industry leadership and created the PC clone
industry with its original BIOS product in 1983. Phoenix has over
200 technology patents issued and pending, and has shipped firmware
in over one billion systems. Phoenix is headquartered in Milpitas,
California with offices worldwide. For more information, visit
http://www.phoenix.com.
Phoenix, Phoenix Technologies, SecureCore
Tiano, Embedded BIOS, and the Phoenix Technologies logo are
trademarks and/or registered trademarks of Phoenix Technologies Ltd.
All other marks are the marks of their respective owners.
To be
added to the Company's email distribution for future news releases,
please send your request to phoenix@tpg-ir.com.
Safe Harbor
This
release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended, regarding
the closing of the sale of our HyperSpace, HyperCore and Flip
products, the sale of our eSupport business, expense reduction
plans, and future growth and market share gains associated with new
CSS products, which are based on current expectations, forecasts and
assumptions involving risks and uncertainties that could cause
actual outcomes and results to differ materially. These risks and
uncertainties include our ability to close the HyperSpace
transaction; our ability to close the HyperSpace transaction within
the targeted timeframe and for the stated sale price; our ability to
successfully sell our eSupport business; changes in demand for our
products and services in adverse economic conditions; our dependence
on key customers; our ability to enhance existing products and
develop and market new products and technologies successfully;
end-user demand for products incorporating our products; the ability
of our customers to introduce and market new products that
incorporate our products; and our ability to attract and retain key
personnel. For a further list and description of risks and
uncertainties that could cause actual results to differ materially
from those contained in the forward looking statements in this
release, we refer you to the Company's filings with the Securities
and Exchange Commission, including, but not limited to, its annual
report on Form 10-K and quarterly reports on Form 10-Q. All
forward-looking statements included in this release are based upon
assumptions, forecasts and information available to the Company as
of the date hereof, and the Company assumes no obligation to update
any such forward-looking statements.
Contact Information
The Piacente Group, Inc.
Investor Relations
Brandi Floberg
(212) 481-2050
phoenix@thepiacentegroup.com
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