|CP CLARE POSITIONS COMPANY FOR GROWTH IN SEMICONDUCTOR COMMUNICATIONS SOLUTIONS MARKET
Company Reorganizes Around Product-Based Business Units
Beverly, Massachusetts - March 27, 2000 - As part of its strategic initiative to position the Company for future growth and market dominance, CP Clare Corporation (NASDAQ:CPCL) today announced the realignment of its internal organization around product-based business units. The Company's aggressive move reflects its future direction and vision to become the leading global supplier of innovative semiconductor solutions for the next-generation of communications technologies. In a separate announcement today, the Company also unveiled that it will now be doing business as Clare; with a new logo and vision for the future. The company intends to legally change its name to Clare, Inc. following its annual meeting in September.
"Today marks an exciting chapter in our history," said Arthur R. Buckland, Clare's president and CEO. "We've made aggressive organizational changes that allow us to focus on our core vision of providing unique technologies and solutions that enable connections along the Network's Edge. Today's changes also represent our commitment to embrace an ever-changing global market with unprecedented spirit and energy that will catapult our future growth."
The new organization is the culmination of several key steps in the Company's evolution from a reed relay supplier to an ASIC and high-voltage mixed signal integrated circuits (IC) Company including the opening of a state-of-the-art high-voltage wafer fabrication facility, the acquisition of a fabless ASIC company (Micronix Integrated Systems) and most recently, the divestiture of the electromagnetic (EMG) parts group.
Representing the dynamic changes in the Company's vision and corporate identity, Clare's new organization is structured around product and market based business units, which allow the Company to quickly address new trends and bring customer-driven products to market faster. The new Integrated Circuits (IC) product group is now run by Senior Vice President Dennis Cocco who will also remain as President of Clare Micronix, with new product management headed by Mark Heisig. In addition to his responsibilities as Clare President and CEO, Art Buckland will manage the optically isolated solid state relay group featuring Clare's OptoMOSŪ family of products. The Dyad group remains as an integral part of Clare's product portfolio due to high growth opportunities in the ever-increasing cellular phone market. Bill Miller, Vice President of Global Operations, is spearheading this effort.
The realignment allows Clare to focus on the delivery of innovative integrated circuits (I.C.'s) that will enable next-generation communications technologies and leverage its legacy of quality and service by:
- Connecting the Company to its suppliers, customers, and resellers through its new Web-enabled Oracle ERP system, that will enable advanced supply chain management, upcoming e-commerce capabilities and Clare's new corporate Web site - www.clare.com; and
- Bringing revolutionary new products to market, including a Line Card Access Switch (LCAS), next generation LiteLink products, Home Phone Networking (HPN), XDSL DAA's, EL- & OLED-Display Drivers, Ultra-mini Switches and more innovative new products. The Company will also be a supplier of second source products in the short term while maintaining a leadership position in the solid state relay market.
"We have been intensely focused on transforming this Company," continued Buckland. "Our reorganization and Web site reflect the aggressive pursuit of an Internet-driven integrated circuit strategy. We believe this strategy will produce higher margins and growth in new markets, resulting in an increase in shareholder value."
Moving forward, Clare will focus on providing analog and mixed-signal semiconductor solutions for the "Network's Edge": the interface between communications media and the Internet. In 2000, the Company will work to develop innovative IC solutions capable of dominating target niches in emerging communications markets such as home networking, DSL and telecommunications. To do this, Clare will capitalize on its unique expertise in high voltage analog and mixed-signal design technologies and its history of successfully addressing the challenges of telephone line interface and barrier technology. This expertise positions Clare to deliver the key IC building blocks that equipment manufacturers need to meet growing market demands for communications devices that deliver increased bandwidth and greater convenience.
About CP Clare Corporation
Clare is a leader in the design and manufacture of high-voltage analog circuits. The company's products enable communications by providing the critical interface between high-voltage electrical signals and the low-voltage electronics that process those signals. Leading manufacturers of data communications, telecommunications, and industrial equipment around the world rely on Clare for semiconductors and specialized electronic components. Clare trades on the NASDAQ exchange under the symbol CPCL. Additional information about Clare can be found at www.clare.com.
All references to new product development and corporate vision are forward-looking statements as defined under the federal securities laws. Actual results may differ from the information set forth herein and in no way guarantee anticipated future results.
CP Clare Corporation d/b/a Clare