“After discussions with IDT and our board of directors, we agree that litigation to pursue the acquisition by IDT is not in the best interests of our stockholders,” said David Raun, interim president and chief executive officer of PLX Technology. “IDT informed us that they would exercise their right to not extend the outside date of the exchange offer beyond January 31, 2013. Given that litigation against the FTC to a final resolution could not happen as a practical matter before January 31, 2012, PLX agreed to terminate the transaction now to avoid fruitless legal expenses. While we are disappointed with the FTC decision, we are excited about PLX Technology’s prospects as an independent company. In the last six months we divested unprofitable businesses, reducing our annual operating expenses by approximately $20M, and strengthened our focus and technology leadership in our core PCI Express business. We have a solid foundation for long term growth, profitability and positive cash flow.”About IDT Integrated Device Technology, Inc., the Analog and Digital Company™, develops system-level solutions that optimize its customers’ applications. IDT uses its market leadership in timing, serial switching and interfaces, and adds analog and system expertise to provide complete application-optimized, mixed-signal solutions for the communications, computing and consumer segments. Headquartered in San Jose, Calif., IDT has design, manufacturing and sales facilities throughout the world. IDT stock is traded on the NASDAQ Global Select Stock Market® under the symbol “ IDTI.” Additional information about IDT is accessible at www.IDT.com. Follow IDT on Facebook, LinkedIn, Twitter, and YouTube. About PLX PLX Technology, Inc. (NASDAQ: PLXT), based in Sunnyvale, Calif., USA, is an industry-leading global provider of semiconductor-based connectivity solutions primarily targeting the enterprise and consumer markets. The company develops innovative software-enriched silicon that enables product differentiation, reliable interoperability and superior performance. Visit PLX on plxtech.com, Facebook, Twitter and YouTube. Forward-Looking Statements Certain statements in this press release may contain forward-looking statements relating to IDT and/or PLX. Statements concerning activities, events or developments that IDT and/or PLX expects, believes or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements are based on current expectations and projections about future events and involve known and unknown risks, uncertainties and other factors that may cause actual results and performance to be materially different from any future results or performance expressed or implied by forward-looking statements, including the following: the risk that IDT’s or PLX’s business will have been adversely impacted during the pendency of the proposed transaction; and other economic, business and competitive factors affecting the businesses of IDT and PLX generally, including those set forth in the filings of IDT and PLX with the SEC from time to time, including their respective annual reports on Form 10-K and quarterly reports on Form 10-Q, their current reports on Form 8-K and other SEC filings. These forward-looking statements speak only as of the date of this communication and neither IDT nor PLX undertakes any obligation to update or revise any forward-looking statement, whether as a result of new information, future events and developments or otherwise, except as required by law.
IDT and the IDT logo are trademarks or registered trademarks of Integrated Device Technology, Inc. All other brands, product names and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.PLX and the PLX logo are registered trademarks of PLX Technology, Inc.