Dublin, Ireland - August 30, 2002 - Parthus Technologies plc (LSE: PRH, Nasdaq: PRTH) announces that it intends to streamline two product lines in order to improve financial performance and enhance technology and market focus for Parthus, on a stand-alone basis or, as part of ParthusCeva, in the event that the proposed combination with Ceva, Inc. is consummated. Towards that end, Parthus anticipates that it will discontinue investments in Radio Frequency (RF) and hardware based security acceleration, in order to focus the business on three product and technology areas where Parthus believes there are opportunities for market leadership:
DSP and Application Processing IP;
Mixed-Signal and Wireline Communications IP;
Wireless Communications IP.
The anticipated reduction in workforce and the related realignment of resources is expected to result in the incurrence of a one-off restructuring charge during the third quarter in the region of US$3 million.
Kevin Fielding, president of Parthus commented, "Parthus believes that it is important to take these measures now, so that we can focus our corporate resources in those technologies that position Parthus to meet the needs of our customers and to continue to compete effectively in the marketplace either independently, or as part of the combined ParthusCeva enterprise, if the proposed combination with Ceva Inc. is approved."
A PDF copy of this press release is also available here.