8/27/2002 - Cadence Design Systems, the world's leading supplier of electronic design products and services, announced this year's beneficiary of the Stars & StrikesTM fund-raiser will be InnVision, a public benefit corporation that provides housing and services for homeless individuals and families in Silicon Valley. The event will be November 10th.
This year's Stars & Strikes is the 10th since Cadence started the bowling fund-raising event in 1990. The goal this year is to raise $500,000, which would put the total raised through Stars & Strikes over the $4 million mark. As in past years, Cadence will underwrite the cost of staging the event.
"We are very grateful Cadence selected InnVision as beneficiary, and the money raised will have an immediate impact on the people we help," said Christine Burroughs, chief executive officer at InnVision. "We have outgrown our Georgia Travis Center facility, and the funds from Stars & Strikes will enable us to renovate a recently acquired property that will better meet the special needs of the 100-plus women and children who rely on the center each week day."
Cadence President and CEO Ray Bingham said, "InnVision provides a critical service and is truly one of the standout organizations in this community. We are pleased to have an opportunity to help, especially at a time when we're hearing so much about the decrease in corporate giving in this tough financial climate. We're hopeful that companies throughout this community will see this year's Stars & Strikes as an opportunity to contribute to a great cause and, through their sponsorships, ensure we reach our goal."
For the third year, Cadence is teaming with The Sharks Foundation on Stars & Strikes. This non-profit arm of the San Jose hockey team will bring team players to participate in the event.
"The Sharks Foundation is pleased to be teaming up with Cadence once again at such a worthwhile fund-raising event," said Rob Jaynes, Director of The Sharks Foundation. "The Sharks Foundation is committed to making a difference in our community. Participating in the Stars and Strikes event provides Sharks players and other participants with a great opportunity to have some fun while giving back to the community."
Over the years, Stars & Strikes has become the largest annual fund-raiser of its type in Silicon Valley, with last year's event bringing in more than $1.6 million. Sponsors contributed more than $800,000, and a majority of those proceeds went to RAFT (Resource Area for Teachers). Other beneficiaries were located around the world, including an organization providing shelter for orphans in India, Sowers Action in China, Snow-CAP in Portland and Habitat for Humanity in Dallas. Cadence delivered a matching sum of over $800,000 to the American Red Cross and the New York Firefighters 9/11 Disaster Relief Fund. The $1.6 million total was a record, attributable in large part to Cadence's pledge to match the total raised for 9/11 funds.
Companies interested in sponsorships or having a team compete in the tournament should call Kathy Wheeler, 408/428-5993.
InnVision has been serving the poor and homeless in Santa Clara County since 1973 and now serves more than 13,000 individuals annually at 17 sites. The agency addresses the multiple needs of people in transition, including emergency shelter, transitional housing, food, clothing, showers, laundry, healthcare, job training, classes and access to telephones and computers. Its shelters, called "Inns," enforce a drug and alcohol-free environment and focus on self-help activities.
About the Sharks Foundation (www.sjsharks.com/sharks/community)
The Sharks Foundation was established to help meet the educational, social, and cultural needs of the San Jose community. The Foundation offers unique resources and financial support to organizations working on a variety of community programs. The Sharks Foundation's primary focus is on our youth, as they are the key to the long-term well being of our community.
About Cadence (www.cadence.com)
Cadence is the largest supplier of electronic design technologies, methodology services, and design services. Cadence solutions are used to accelerate and manage the design of semiconductors, computer systems, networking and telecommunications equipment, consumer electronics, and a variety of other electronics-based products. IEEE, the world's largest technical professional society, honored Cadence with its 2002 Corporate Innovation Recognition award. With approximately 5,500 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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