NEWS RELEASE Press Contacts: Mariam Azzam Tony Taddei GlobespanVirata, Inc.
GlobespanVirata, Inc. Headquarters - Red Bank, NJ Headquarters - Red Bank, NJ
+1-732-345-6018 +1-732-345-6198 firstname.lastname@example.org
Mariam Azzam Tony Taddei
GlobespanVirata, Inc. GlobespanVirata, Inc.
Headquarters - Red Bank, NJ Headquarters - Red Bank, NJ
GlobespanVirata Announces Board Changes
--Technology Company Operating Executives Join Board--
Red Bank, New Jersey - September 12, 2003 - GlobespanVirata, Inc.
(NASDAQ: GSPN), a leading provider of broadband communications solutions for
consumer, enterprise, personal computer and service provider markets, today
announced that it has added three new members to its board of directors and has
accepted resignations from two of its directors.
The addition of three senior operating executives from leading
technology companies follows GlobespanVirata's recently completed acquisition of
Intersil's Wireless Networking Products Group, which complements the company's
DSL business and diversifies its target markets. Dr. Bami Bastani, Steven J.
Bilodeau and Garry K. McGuire have joined GlobespanVirata's board. Mr. McGuire
will also serve as a member of the board's audit committee. Dr. Bami Bastani is
President and CEO of Anadigics, Inc., a Warren, New Jersey based company that
designs and manufactures radio frequency integrated circuit solutions for
broadband and wireless communications markets. Steven J. Bilodeau is Chairman,
President and CEO of Standard Microsystems Corporation, a Hauppauge, New York
based company that provides connectivity solutions for high-speed communication
and computing applications. Garry K. McGuire is Chief Financial Officer and
Senior Vice President Corporate Development of Avaya Inc., a Basking Ridge, New
Jersey based company that is a leading global provider of communications
networks and services for businesses.
"We are very pleased to welcome Bami, Steve and Garry to
GlobespanVirata's board of directors," said Armando Geday, the company's
President and CEO. "I look forward to the contributions of these three seasoned
executives, who are knowledgeable and experienced in the management of
fast-paced technology businesses like GlobespanVirata's. Their guidance and
extensive strategic and operating experience will be of great value as we
continue to position our company for long-term growth and our medium-term annual
revenue target of one billion dollars."
The company also announced that it has accepted the resignations of
James Coulter and Dr. Hermann Hauser. Mr. Geday stated, "On behalf of the board,
I would like to extend our sincere thanks to Jim and Hermann for their valuable
contributions and tremendous personal guidance in our growth strategy."
These changes bring GlobespanVirata's total number of board members to
eight. Other members of GlobespanVirata's board include Gary Bloom, CEO of
Veritas Software; Dipanjan Deb, a partner of Francisco Partners; John Marren, a
partner of Texas Pacific Group; Giuseppe Zocco, a partner of Index Ventures; and
Armando Geday, President and CEO of GlobespanVirata. All of the current members,
including the three new directors, will stand for election at the company's
annual stockholder meeting, which is expected to be held in October.
GlobespanVirata is a leading provider of broadband communications
solutions for consumer, enterprise, personal computer and service provider
markets. GlobespanVirata delivers complete system-level high-speed,
cost-effective and flexible DSL and wireless networking chip sets, software and
reference designs to leading global manufacturers of broadband access and
wireless networking equipment. The company's products include broadband
system-level solutions for modems, routers, residential gateways, and DSLAMs, as
well as a wide variety of wireless networking chip sets and reference designs
that are enabling a new generation of wireless connectivity in notebooks, PDAs,
digital cameras, MP3 players and other handheld networking appliances.
GlobespanVirata applies the industry's longest history in DSL and
wireless networking development and deployment to offer unparalleled support to
its more than 400 customers in bringing its proven broadband and wireless
networking solutions to market. GlobespanVirata is headquartered at 100 Schulz
Drive, Red Bank, New Jersey 07701 and can be reached at +1-732-345-7500 or at
Safe Harbor Statement under the Private Securities Litigation Reform Act of
Except for historical information contained herein, this press release
contains forward-looking information within the meaning of Section 21E of the
Securities Exchange Act of 1934 that involves significant risks and
uncertainties, and is subject to the safe harbors created by this section.
Actual events may differ materially from those projected in these
forward-looking statements. Factors that might cause a difference include, but
are not limited to, risks related to GlobespanVirata's ability to successfully
integrate the Wireless Networking Products Group into its existing business, the
synergies between the Wireless Networking Products Group and GlobespanVirata,
GlobespanVirata's ability to sell and support the acquired WLAN products and to
integrate employees from the Wireless Networking Products Group, the general
slowdown in spending in the telecommunications industry, customer implementation
plans, risks of price competition among DSL and WLAN chip set suppliers, risks
of customer loss or decreases in purchases by significant customers, risks of
dependence upon third-party suppliers, risks of integrating acquisitions, risks
due to rapid changes in the market for DSL chip sets, market acceptance of new
products, ability of leading equipment manufacturers to incorporate our products
into successful products, ability of telecommunication service providers to
market and sell DSL services, uncertainties concerning the continued impact of
competitive products, risks due to limited protection of our intellectual
property, uncertainties concerning continued service of our key employees, risks
of operating in international markets and general market, economic, regulatory
and business conditions. We refer you to the documents GlobespanVirata files
from time to time with the Securities and Exchange Commission, in particular the
most recent quarterly reports on Form 10-Q and annual reports on Form 10-K of
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