Microchip Technology Completes Acquisition Of Silicon Storage Technology Following Approval Of Transaction By SST Shareholders

Second graph of release should read: Approximately 90.9 percent of the SST shares voted were voted in favor of the Microchip merger agreement, under which SST shareholders will receive $3.05 per share in cash (sted Approximately 65.91 percent of SST shares outstanding were voted in favor of the Microchip merger agreement, under which SST shareholders will receive $3.05 per share in cash).

The corrected release reads:

MICROCHIP TECHNOLOGY COMPLETES ACQUISITION OF SILICON STORAGE TECHNOLOGY FOLLOWING APPROVAL OF TRANSACTION BY SST SHAREHOLDERS

Microchip Technology Incorporated (NASDAQ: MCHP) (“Microchip”) and Silicon Storage Technology, Inc. (NASDAQ: SSTI) (“SST”) today announced that Microchip has completed its previously announced acquisition of SST following approval of the transaction by SST shareholders at SST’s Special Meeting of Shareholders held today.

Approximately 90.9 percent of the SST shares voted were voted in favor of the Microchip merger agreement, under which SST shareholders will receive $3.05 per share in cash.

“We are pleased to have completed this transaction,” said Steve Sanghi, Microchip President and Chief Executive Officer. “Through this acquisition, we gain access to SST’s SuperFlash ^® technology and extensive patent portfolio, which are critical building blocks for advanced microcontrollers. We expect that SST will also enhance our ability to customize technology variants, thereby adding an advantage over competing technologies.”

“We are pleased to conclude a successful process that has allowed us to maximize value for SST shareholders,” said Ronald Chwang, Chairman of the Strategic Committee of SST’s Board of Directors.

“We are confident that SST will flourish as a part of Microchip,” said Bing Yeh, co-Founder and Chief Executive Officer of SST. “As part of a larger, more diversified company, we believe that SST will be better positioned to deliver the superior service and innovative NOR flash and embedded flash solutions that our customers expect.”

As a result of the completion of the transaction, trading in SST common stock on the NASDAQ will cease effective after the close of market today.