|SUNNYVALE, Calif. and Taipei, Taiwan, Nov 05, 2014 -- ASIX Electronics Corporation (OTC:3169) and ZYWYN Corporation, a private held company, today announced that they have entered into a definitive agreement under which ASIX will acquire ZYWYN, a leader in I/O interface transceiver solutions, in an all-cash transaction valued at US $8 million. Under the terms of the agreement, which was approved by the Boards of Directors of both companies, ASIX will commence a tender offer for all of the outstanding shares of ZYWYN common stock and ASIX expects to fund the transaction with cash available on its balance sheet.|
ZYWYN I/O interface transceiver silicon business compliments very well with ASIX current I/O connectivity controllers portfolio serving the industrial markets and applications stated David C. Wang, President of ASIX. Following the closing of the transaction, we are excited to welcome the ZYWYN team to ASIX, and we are committed to continue to invest in the I/O connectivity product lines.
Once closed, this transaction will provide immediate value to our customers and offers new growth opportunities for our employees. said Raymond Chow, President of ZYWYN. Following the closing of the transaction, we believe the combination with ASIX is an excellent compliment to our current technology and product lines.
The transaction is expected to close on the beginning of 2015. ASIX currently anticipates driving the ZYWYN business to a level consistent with ASIX long term business model by the end of fiscal year 2015, the first full fiscal year after closing.
The transaction is subject to customary closing conditions, including the tender into the offer by ZYWYN stockholders of shares representing 100% of the outstanding shares of ZYWYN common stock on a fully diluted basis, and the receipt of relevant regulatory approvals.
About ASIX Electronics Corporation
ASIX Electronics Corporation (OTC:3169) is a leading fabless semiconductor company focused on embedded networking solutions. ASIX designs, developes and provides a broad range of bridge type Ethernet controllers including non-PCI Ethernet, USB-to-Ethernet as well as SPI-Ethernet. ASIX also provides I/O connectivity solutions including USB1.1/2.0 and PCI/PCIe to RS232/RS485 controllers. ASIX product portfolio is extensive and ideal for variety of embedded applications. More information is available at www.asix.com.tw.
About ZYWYN Corporation
ZYWYN Corporation is the industry-leading provider of semiconductor-based I/O interfaces solutions. ZYWYN RS232 and RS485 interface transceivers provide perfect solutions for data-link cables, set-top boxes, industrial PC communicatons, and networking multi-protocol router ports. More information is available at www.ZYWYN.com.