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OmniVision Technologies, Inc. Completes Acquisition of Aurora Systems, Inc.
Mar 25, 2010 (07:03 PM EDT)
SANTA CLARA, Calif., March 25 /PRNewswire-FirstCall/ -- OmniVision Technologies, Inc. (Nasdaq: OVTI), a leading developer of advanced digital imaging solutions, today announced the completion of its acquisition of Aurora Systems, Inc. ("Aurora"), a privately-held company incorporated in California. Aurora is a supplier of LCoS (Liquid Crystal on Silicon) devices for use in mobile projection applications and high definition home theater projection systems.
"We are very excited by the growing popularity of image projection systems in consumer devices. With the acquisition of Aurora, we expect to capitalize on this trend in the emerging video-centric consumer market, expand our product portfolio and offer even more innovative and comprehensive imaging solutions to our customers," said Shaw Hong, president and chief executive officer of OmniVision.
"We are also very pleased that all management and employees of Aurora will be joining OmniVision. Their engineering talent and their expertise in image projection technologies are very important to our strategic development," concluded Mr. Hong.
OmniVision acquired all outstanding shares of Aurora for aggregate consideration of approximately $5.0 million. Of this amount, $0.5 million has been placed in escrow for a period of up to one year for purposes of compensating OmniVision for certain specified damages that it may incur. OmniVision does not expect the acquisition to have any significant impact on its fiscal fourth quarter 2010 revenues and net income per share attributable to OmniVision common stockholders.
OmniVision Technologies, Inc. is a leading developer of advanced digital imaging solutions. Its CameraChip™ and CameraCube™ products using CameraCube™, OmniBSI™, OmniBSI-2™, OmniPixel®, OmniPixel2™, OmniPixel3™ and OmniPixel3-HS™ technologies are highly integrated, single-chip CMOS image sensors for consumer and commercial applications including mobile phones, notebooks, netbooks and webcams, security and surveillance systems, digital still and video cameras, automotive and medical imaging systems and entertainment devices. Additional information is available at www.ovt.com.
Safe Harbor Statement
Certain statements in this press release, including statements relating to image projection technologies and the impact of the acquisition on our fourth quarter 2010 operating results are forward-looking statements. These forward-looking statements are based on management's current expectations, and certain factors could cause actual results to differ materially from those in the forward-looking statements. These factors include, without limitation, the impact of general economic conditions; competition in current and emerging markets for image sensor and projection products, including pricing pressures that could result from competition; fluctuations in sales mix and average selling prices; our ability to successfully integrate the operations of Aurora to achieve the potential benefits of the acquisition; OmniVision's ability to obtain design wins from various image sensor and projection device manufacturers including manufacturers of mobile phone, laptops and PCs, digital still cameras and automobile manufacturers; the market acceptance of products into which OmniVision's products are designed; fluctuations of wafer manufacturing yields and other manufacturing processes; OmniVision's ability to accurately forecast customer demand for its products; the development, production, introduction and marketing of new products and technology; the potential loss of one or more key customers or distributors; the continued growth and development of current markets and the emergence of new markets in which OmniVision sells, or may sell, its products; the acceptance of OmniVision's products in such current and new markets; OmniVision's strategic investments and relationships, and other risks detailed from time to time in OmniVision's Securities and Exchange Commission filings and reports, including, but not limited to, OmniVision's most recent Annual Report on Form 10-K and recent Quarterly Reports on Form 10-Q. The Company expressly disclaims any obligation to update information contained in any forward-looking statement.
SOURCE OmniVision Technologies, Inc.