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NOTICE: C-Cor Signs Letter of Inten
- Subject: NOTICE: C-Cor Signs Letter of Inten
- From: Rangoonp@xxxxxxx
- Date: Wed, 26 May 1999 03:27:00
Subject: NOTICE: C-Cor Signs Letter of Intent / STATE COLLEGE, Pa.
NOTE: Read the entire article....
C-Cor Signs Letter of Intent
to Acquire Silicon Valley
Communications (SVCI)
PRNewswire
25-MAY-99
STATE COLLEGE, Pa., May 25 /PRNewswire/ -- C-COR
Electronics, Inc. (Nasdaq: CCBL), to be renamed
C-COR.net, pending completion of its merger with
Convergence.com, announced today that the company has
signed a letter of intent to acquire Silicon Valley
Communications, Inc., a leading edge technology company
and key supplier of high quality, comprehensive fiber
optic
transmission systems used in advanced, hybrid fiber/coax
(HFC) networks. The transaction, which is expected to be
completed in summer 1999, is subject to the satisfaction
of a
number of conditions. The estimated value of the
transaction, including issuance of stock and the
assumption
of debt, is over $50 million.
Silicon Valley Communications, founded in 1994, has its
headquarters, research laboratory and manufacturing
facilities based in Santa Clara, California. The SVCI
product
line includes 1310 nm forward and return path
transmitters
and receivers, 1550 nm DWDM transmitters, 1550 nm
externally- modulated transmitters, erbium-doped fiber
amplifiers (EDFAs) in 3 RU and 1 RU sizes and SNMP
compliant NMS. The design philosophy behind the products
has been to address the changing domestic and
international market needs by providing flexibility,
modularity
and efficiency for today's broadband video and
interactive
Internet network applications.
David A. Woodle, President and CEO of C-COR, stated,
"This move will allow us to round out our fiber optic
product
offering while meeting our strategic objective of
providing
advanced technology, broadband HFC products to our
domestic and international customers. We continue to see
a
growing need for high-performance, high quality fiber
optic
products for the evolving architectures and feel the SVCI
products will significantly expand our ability to meet
the
requirements today and into the future for superior
network
integrity."
Mary Fong, Chairman of SVCI, commented, "We feel very
positive about joining forces with C-COR, which has a
strong
45-year legacy in the industry. The combination of our
Silicon Valley Communications products with C-COR's RF
amplifiers, Navicor(TM) nodes, network management
systems, network design and activation capabilities, and
Internet enabling technical services form a total set of
product and service solutions for customers throughout
the
full broadband network life cycle."
C-COR, headquartered in State College, Pennsylvania,
provides products and support to customers as they plan,
design, build and maintain complex broadband
communications networks. The company is an innovator,
developer and supplier of robust, high-quality
distribution
electronics, network management systems and technical
services for two-way HFC networks around the world.
Recently C-COR announced that the company and
Convergence.com, an Atlanta- based provider of
Internet-enabling technical services, had entered into a
definitive merger agreement, under which Convergence.com
will become a wholly- owned subsidiary of C-COR and will
operate as a segment of a separate business unit called
Broadband Management Services. The merger is expected
to be completed in June 1999.
C-COR, founded over 45 years ago, designs and
manufactures robust, high- quality network distribution
products for two-way hybrid fiber/coax (HFC) networks.
C-COR's headquarters is in State College, Pennsylvania,
with production facilities in State College and Tipton,
Pennsylvania; and Tijuana, Mexico. C-COR maintains
offices in Toronto, Canada; Almere, The Netherlands; and
Hong Kong. C-COR's common stock is listed in the Nasdaq
National Market under the symbol CCBL. C-COR's website
is http://www.c-cor.com. C-COR was named to Forbes
Magazine's 200 Best Small Companies in America List
(1998).
Some of the information presented in this announcement,
including, but not limited to the company's expectations
in
connection with the merger with Silicon Valley
Communications Inc., constitutes forward looking
statements
within the meaning of the Private Securities Litigation
Reform
Act of 1995. Although the Company believes that its
expectations are based on reasonable assumptions within
the bounds of its knowledge of its business and
operations,
there can be no assurance that actual results will not
differ
materially from its expectations. Factors which could
cause
actual results to differ from expectations include the
ability to
consummate the mergers with Convergence.com
Corporation and Silicon Valley Communications, Inc. and
integrate Convergence.com's and Silicon Valley
Communications' businesses, the timing of orders received
from customers; the gain or loss of significant
customers;
changes in the mix of products sold; changes in the cost
and
availability of parts and supplies; fluctuations in
warranty
costs; new product development activities; the Company's
ability to implement its strategies of product, service,
and
global market expansion; economic conditions affecting
domestic and international markets; regulatory changes
affecting the telecommunications industry, in general,
and
the Company's operations, in particular; competition and
changes in domestic and international demand for the
Company's products; the Company's ability to assess the
risks of the year 2000 issue, with respect to its
operations,
and resolve them in a timely manner; and other factors
which
may impact operations and manufacturing. For additional
information concerning these and other important factors
which may cause the Company's actual results to differ
materially from expectations and underlying assumptions,
please refer to the reports filed by the Company with the
Securities and Exchange Commission. Background
Information
C-COR Electronics, Inc. (Nasdaq: CCBL) Headquarters:
State College, Pennsylvania - USA President and
Chief Executive Officer: David A. Woodle Corporate
Description: Products and services for network operators
as
they plan, design, build and maintain complex,
broadband communications networks. Included are
robust, high-quality RF and AM fiber optic
distribution electronics and a full complement
of technical services, network management
systems, and technical services. Through an
alliance with Convergence.com, a provider of
Internet enabling technical services, C-COR is
the exclusive reseller of Convergence.com's
products and services in North America.
Convergence.com's products and services enable
delivery of cost-effective, high-speed,
broadband Internet and data services to
businesses, residential customers, schools and
other institutions. Locations: Headquarters in State
College,
Pennsylvania and
production facilities in State College and
Tipton, Pennsylvania; and Tijuana, Mexico.
Offices in Toronto, Canada; Almere, The
Netherlands; and Hong Kong. Revenues: $152 million*
Earnings: $0.78 per share from continuing operations*
Assets: $75,518,000*
Capital Expenditures: $8,782,000*
Market Capitalization: $215 million (as of May 14, 1999)
Shareholders of Record: 599*
Total Employees: 1646 (April 1999) *Effective Fiscal Year
Ending June 26, 1998 Background Information
Silicon Valley Communications, Inc. (SVCI) Headquarters:
Santa Clara, California - USA Chairperson and
Chief Executive Officer: Mary Fong Corporate Description:
SVCI's technology and products serve the rapidly
growing optical communications and multimedia
markets with advanced fiber-optic transmission
and distribution systems for broadband video and
digital networks. SVCI provides a complete family of
modular,
high
performance, optical communications products
including 1310 nm and 1550 nm fiber-optic
transmitters, erbium-doped fiber amplifiers
(EDFAs), indoor and outdoor fiber-optic
receivers, return path transmitters and return
path receivers for cable networks. SVCI's
products are available in 3-RU and 1-RU high
sizes for flexibility of insertion into a
Universal Chassis together with AC or DC power
supply modules. SVCI is actively focused on advanced
research
and product development activities to satisfy
the interactive bi-directional needs of the
Information Superhighway. Due to the various
cable network systems now deployed, SVCI is
listening carefully to engineering and economic
requirements and working with cable operator
upgrade and conversion teams to understand the
most effective applications of our research and
development efforts for advanced HFC networks. Revenues:
N.A.
Earnings: N.A.
Assets: N.A.
Capital Expenditures: N.A.
Market Capitalization: N.A.
Shareholders of Record: N.A.
Total Employees: 70 David A. Woodle
President and Chief Executive Officer
C-COR Electronics, Inc. David A. Woodle was appointed
President and Chief Executive Officer of C-COR
Electronics,
Inc. in August 1998 and has been a member of the C-COR
Board of Directors since October 1998. Under Mr. Woodle's
leadership, C-COR has launched a major corporate
repositioning strategy to tap into the rapidly growing
demand
by the broadband communications industry for expertise in
launching, managing and delivering high-speed broadband
Internet and data services.
Prior to joining C-COR, Mr. Woodle led merger transition
efforts as Vice President and General Manager of Raytheon
E-Systems/HRB Systems, and successfully positioned the
company in the wireless data telecommunications
marketplace. Subsequently, as General Manager of
Strategic Systems for Raytheon Systems Company, he was
responsible for managing a one-half billion dollar
business
focused on real-time information systems integration. Mr.
Woodle has had over 20 years business and management
experience in engineering and manufacturing, with
recognized expertise in strategic planning, global
business
development and partnerships, business acquisitions and
mergers, and technical innovation.
Mr. Woodle serves as a Director on several Boards
including
the Chamber of Business and Industry of Centre County,
the
Centre County United Way, and the Shaner Sports Complex.
He is also the Chairman of the CEO Group for Centre
County and an Elder at St. John's United Church of
Christ.
Mr. Woodle holds a Bachelor of Science degree in Computer
Science from the Pennsylvania State University. Mary Fong
Chairperson, Chief Executive Officer
Silicon Valley Communications, Inc. Mary Fong,
Chairperson, CEO and co-founder, has more than thirty
years of experience in building new firms and developing
them into fully operational and profitable companies.
Her expertise covers operation, finance, international
trading, and investment. She was co-founder of
Genexco/Newtimes Ltd, a Taiwanese textile and garment
manufacturer and exporter, with offices and factories
internationally. She was also the co-founder of Thai
Wonderful Wire & Cable (a cable and wire manufacturer)
and AT Research (an industrial automation company) in
Thailand.
>>>>> She is also the founder and developer of Rose
Garden Hotel in Yangon, Myanmar (under construction).
Mary earned a business degree from California State
University at Northrop.