MILPITAS, Calif., Jan. 23 /PRNewswire-FirstCall/ -- Sipex Corporation
(OTC: SIPX.PK) announced that the Superior Court of the State of California,
County of Santa Clara, approved the settlement of a shareholder derivative
action (entitled SIPEX DERIVATIVE CASES Included Actions: Nagdev v. Maghribi,
et al. and Lie v. McBurnie, et al.) pending against certain of the Company's
current and former directors and officers.
The settlement involves the adoption of certain corporate governance
measures and payment of attorneys' fees and expenses to the derivative
plaintiff's counsel, funded entirely by proceeds of directors and officers
insurance policy proceeds.
"This settlement, taken together with preliminarily approved settlement of
the shareholder class action lawsuit and the $7,000,000 loan agreement funding
the Company, are major milestones that have now been achieved by the Company.
Our customers and investors have been patiently waiting for financial
information. Sipex has been diligently working to complete their audit of the
2003 & 2004 financials. We look forward to releasing this information as soon
as reasonably practicable. It is hard to be patient, but the Company has been
very diligent in its review and preparation of its financial statements to
ensure accuracy and integrity," said Clyde Ray Wallin, Chief Financial
Officer.
About Sipex
Sipex Corporation is a semiconductor company that designs, manufactures
and markets high performance, value-added analog integrated circuits (IC).
Sipex serves the broad analog signal processing market with interface, power
management and optical storage ICs for use in automotive, portable products,
computing, communications, and networking infrastructure markets. The company
is headquartered in Milpitas, California with additional offices in Belgium,
Canada, China, Germany, Japan and Taiwan. Sipex sells products direct and
through its distribution channels. For more information about Sipex, visit
http://www.sipex.com.
Cautionary Statement Regarding Forward-Looking Statements
This release contains certain forward-looking statements that include,
without limitation, statements regarding the implementation of certain
corporate governance measures derivative and statements about upcoming major
milestones for Sipex, including the release of its restated financials and the
expected completion of the audit being performed by Deloitte & Touche. These
forward-looking statements are subject to various risks and uncertainties that
could cause actual results to differ materially, including, but not limited to
the risk that the Company fails to implement the agreed to corporate
governance measures and that audit is not completed as soon as the Company
expects, further delaying the release of the 2003 and 2004 financials.
CONTACT: Clyde Ray Wallin, Chief Financial Officer, +1-408-934-7500, or
fax, +1-408-935-7600
SOURCE Sipex Corporation
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Related links:
http://www.sipex.com
Company News On-Call:
http://www.prnewswire.com/comp/111683.html
CONTACT:
Clyde Ray Wallin, Chief Financial Officer,
+1-408-934-7500, or fax, +1-408-935-7600
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