Microchip Technology Completes Acquisition of PowerSmart, Inc.

6/5/2002 - Microchip Technology Incorporated announced today that it has completed the acquisition of PowerSmart, Inc., a privately held fabless semiconductor company, in a cash transaction. Microchip paid approximately $54 million in cash, assumed a balance sheet with approximately $4 million in cash and other net assets, and assumed certain employee stock options. Approximately 40 employees from PowerSmart have joined Microchip. PowerSmart delivers a unique battery management whole product solution which improves system runtimes up to 30% with a lower system cost for the user. Included in the whole product solution is an application tools suite to speed up implementation during the userís development and production.

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