11/22/2002 - Cadence Design Systems, the world's leading supplier of electronic design products and services, announced that the Association of Fundraising Professionals (AFP) has awarded Cadence with its Special Corporate Award for 2002. This unprecedented award was created to recognize the Cadence commitment to philanthropy and its ability to demonstrate leadership and creativity in the area of corporate citizenship in the immediate aftermath of the 9/11 terrorist attacks. This is the second time Cadence is being recognized for its outstanding commitment to philanthropy having been honored by the Silicon Valley Chapter of AFP, the world's largest association of charitable fundraisers in 1997 with the Outstanding Corporate Grantmaker award. The awards were presented on Philanthropy Day, November 14, 2002, in San Jose, California.
Every year, AFP recognizes outstanding corporations that have made important contributions to the local community. Cadence has a long history of community involvement and has been underwriting its signature Stars & Strikes(TM) bowling fundraiser since the early 1990s. To date, Stars & Strikes has raised more than $4.5 million to benefit both local and global charitable organizations. This year's 10th anniversary Stars & Strikes event raised nearly $1 million from a combination of corporate sponsorships, employee fundraising and Cadence corporate matching. The funds were distributed to InnVision, a leading public benefit corporation that provides housing and comprehensive services for homeless individuals and families in Silicon Valley ($672,000) and the Sharks Foundation ($55,000), with the balance donated to 30 non-profits worldwide located near global Cadence sites.
"Cadence takes its community responsibility to heart, and we are grateful to be recognized again for the support we are proud to be able to provide important local service and educational organizations," said Ray Bingham, president and CEO of Cadence. "Through Stars & Strikes alone, this year Cadence brought together over 150 sponsoring companies in an annual fundraising event that has pulled in over $4.5 million since its inception in 1990. We also provide assistance to educational institutions and public service organizations worldwide."
Cadence has donated funds to worthy organizations such as City Year, Project H.E.L.P., Dorsa Elementary School Reading Center, Rebekah Children's Services, Sacred Heart Community Services, the Silicon Valley Children's Fund -- Kids First and Youth Education Scholarships (YES) programs. Cadence also provided support for Lincoln High School's Advanced Physics Course, the Children's Discovery Museum, and Child Advocates of Santa Clara Valley.
The Cadence North America University Software Program (University Program) provides qualified North American universities easy access to the company's commercial software. In April 2002, The College of Engineering at San Jose State University unveiled two new laboratories, part of a collaboration with Cadence. This collaboration includes curriculum enhancement, technical support, design software, faculty fellowships, student internships and scholarships. In March 2002, Cadence established an alliance with the College of Engineering at California State University, Long Beach. The goal of this venture is to develop a "flagship" model including a specially designed curriculum and internship program that will offer students a hands-on, practical knowledge of the complex process of integrated circuit (IC) design.
Cadence is the world's largest supplier of electronic design technologies and services. Leading computer, networking, wireless, and consumer electronics companies use the company's solutions to design electronic systems and semiconductors down to nanometer scale. IEEE, the world's largest technical professional society, honored Cadence with its 2002 Corporate Innovation Recognition award. With approximately 5,600 employees and 2001 revenues of approximately $1.4 billion, Cadence has sales offices, design centers, and research facilities around the world. The company is headquartered in San Jose, Calif., and traded on the New York Stock Exchange under the symbol CDN.
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