MILPITAS, Calif., March 31 /PRNewswire-FirstCall/ -- Sipex Corporation
(OTC: SIPX.PK) today announced that the Court of Chancery of the State of
Delaware for New Castle County dismissed, with prejudice, a complaint filed
pursuant to Section 220 of the General Corporation Law to examine the books
and records of Sipex (entitled Guy Gibson v. Sipex Corporation)
"All private civil actions against Sipex arising from the Company's
restatement of its financials for 2003 and 2004 have been resolved," said
Sipex CEO Ralph Schmitt. "The dismissal of this Section 220 claim along with
the previously announced final settlement of the derivative suit and the
preliminarily approved class action settlement, bring this chapter to a close.
We have reached another key milestone in our efforts to rid Sipex of issues
that are unrelated to building a strong analog business."
About Sipex Corporation
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 shareholder class action. 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 possibility that the settlement of the shareholder class action will not
be finalized or approved by the court.
For additional information, contact:
Ralph Schmitt
CEO and Member of the Board of Directors
Tel: 408-934-7500
Fax: 408-935-7678
Email: RSchmitt@sipex.com
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:
Ralph Schmitt, CEO and Member of the Board of
Directors of Sipex Corporation, +1-408-934-7500, Fax:
+1-408-935-7678, or RSchmitt@sipex.com
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