NEWPORT BEACH, Calif., October 21, 2008 – Conexant Systems, Inc. (NASDAQ: CNXT) today announced that it has sold certain domestic and international wireless patents for approximately $15 million. The company also said that it retained the right to incorporate the wireless intellectual property in any current and future products. In November 2007, the company announced that it was discontinuing further investments in standalone wireless networking product development.
“The sale of intellectual property associated with a business we stopped investing in a year ago is consistent with our ongoing strategy to strengthen our balance sheet and improve our liquidity by monetizing non-core assets,” said Scott Mercer, Conexant chairman and chief executive officer. “These kinds of transactions provide us with the flexibility of using the proceeds to retire debt or to help fund acquisitions that augment our product-development efforts.”
No further details of the transaction were provided.
Conexant’s comprehensive portfolio of innovative semiconductor solutions includes products for imaging, video, audio, and Internet connectivity applications. Conexant is a fabless semiconductor company that recorded revenues of $574 million in fiscal year 2007. The company is headquartered in Newport Beach, Calif. To learn more, please visit www.conexant.com
Conexant Systems, Inc.
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