Newsgroup: it.comp.hardware.video-3d
Titolo: dal sito di 3dfx

Press Release 15 December, 2000 - 3dfx Announces Three Major Initiatives To
Protect Creditors and Maximize Shareholder Value
Board of Directors Initiates Cost-Cutting Measures, Recommends To
Shareholders Sale of Company Assets to NVIDIA Corporation for $112 million
and Dissolution of Company
For Immediate Release
San Jose, Calif., December 15, 2000 - In an effort to protect its creditors
and maximize shareholder value, 3dfx Interactive, Inc. (Nasdaq: TDFX - news)
announced today that it will substantially reduce all of its workforce as
part of an initiative to significantly reduce expenses. In addition, the
company said its Board of Directors will recommend to its shareholders that
they approve the sale of most of the company's assets to NVIDIA Corporation
(Nasdaq: NVDA- news) as outlined in a definitive agreement between the
companies that was signed today, and also approve a plan to dissolve the
company following completion of the asset sale.
"After aggressively pursuing a wide range of options that take into
consideration the interests of our creditors, our shareholders, our
employees and our customers," said Alex Leupp, president and CEO, 3dfx
Interactive Inc., "we strongly believe that to reduce expenses, sell our
assets and dissolve the company provides the highest return to our
creditors, shareholders, and employees."
"We expect that the combined technologies of 3dfx and NVIDIA will continue
the legacy that 3dfx began in 1994, " Leupp continued. "NVIDIA is the number
one supplier of graphics technology to the OEM market. With the addition of
3dfx's high-quality technology that leads the retail market, we believe the
combination of the two will result in even greater PC graphics leadership."
The target market for 3dfx has historically been the retail graphics market,
a market that 3dfx has dominated since 1998. The segment represents
approximately 10 percent of the overall graphics market, and is subject to
extreme volatility and unpredictability. Specifically, high inventory
expenses, decreasing margins, and slowing demand have done irreparable harm
to 3dfx. While the company had recently announced plans to expand its
business into additional markets, it has been unable to invest in its
expansion under current business and financial market conditions.
The company announced that it plans to substantially reduce its costs in
order to best conserve its resources. These cost-cutting measures include a
reduction of substantially all of the company's workforce by early next
year, reduction in office space, and other efforts to reduce non-essential
expenses. 3dfx is also providing manufacturing services to third parties to
help cover the overhead associated with its Juarez, Mexico manufacturing
facility pending the sale of that facility. In the meantime, 3dfx expects to
continue to maintain an adequate workforce to support its customers.
The Board of Directors, with the assistance of the company's advisors, has
undergone exhaustive efforts to explore many alternatives including raising
new financing to continue its operations and exploring various strategic
alliances and business combinations. It has concluded that the best
interests of the creditors and shareholders will be served by selling its
assets to NVIDIA Corporation, as outlined in a definitive agreement between
the companies signed today, and also to approve the plan for dissolution.
Under the terms of the agreement signed today, NVIDIA has agreed to pay a
value of $112 million ($70 million cash and one million shares of registered
NVIDIA common stock as value based on NVIDIA's closing price on December 14,
2000).
Upon signing the definitive agreement, NVIDIA has agreed to loan to 3dfx $15
million for working capital, which will be credited to the cash portion of
the purchase price. In addition, 3dfx and NVIDIA have agreed to stay the
patent infringement litigation between them through closing of the
transaction, at which time the suits will be jointly dismissed with
prejudice. Assets included in the transaction include all 3dfx intellectual
property and chip inventory as well as certain other assets. In addition,
upon signing the definitive agreement, 3dfx transferred to NVIDIA the "3dfx"
and "Voodoo" brand names and trademarks.
The closing of the transaction is subject to a variety of conditions,
including 3dfx shareholder approval, receipt of governmental approvals
including the Hart-Scott-Rodino Antitrust Improvements Act of 1976, and
receipt of all necessary consents of third parties. After closing the NVIDIA
asset sale and upon 3dfx shareholder approval, 3dfx will proceed to pay or
adequately provide for its debts and liabilities. 3dfx will thereafter
distribute its remaining assets to its shareholders in one or more
distributions.
3dfx will host a conference call today at 2 p.m. Pacific Standard Time, 3
p.m. Mountain, 4 p.m. Central, 5 p.m. Eastern, to discuss current
developments and its financial results for the third quarter fiscal 2001,
ended October 31, 2000. To participate in the conference call, please dial
800-521-5428
. .
About 3dfx Interactive
3dfx Interactive is a global leader in enabling the emerging age of visual
communications, and the 3D multimedia revolution in personal computers and
consumer products. With its patented and award-winning graphics accelerator
chips, boards and software, 3dfx provides the technology to create
high-impact visual experiences. The company is recognized worldwide for its
ability to bring the world's finest games, educational content, interactive
entertainment and media-rich business applications to life. 3dfx products
are available in retail stores worldwide, and through leading PC makers
including Compaq, Dell, Falcon Northwest and Micron. 3dfx has headquarters
in San Jose, Calif., with engineering and manufacturing facilities in
Richardson, Texas, Austin, Texas, and Juarez, Mexico. The company also
operates 
www.3dfxgamers.com
, the premier online community for Voodoo owners
and gaming enthusiasts. 3dfx Interactive is available on the Web at
http://www.3dfx.com
.

postare solo il link faceva scrifo??


si a chi si legge i newsgroup offline!
--
"Luca 85"
Membro del Ronie Fans Club  _tessera n°12_

a parte che io lo leggo online...
ma che discorsi fai?


io come molte altre persone qui (almeno credo) si scaricano i nuovi messaggi
per leggerseli comodamente offline e quindi siccome il testo non era
lunghissimo ha fatto bene a postarlo
