SiRF Technology to Acquire Centrality Communications to Strengthen its Multifunction Location Platform Strategy

Navigation and Multimedia SoCs broaden SiRF's Multifunction Offerings



Jun 21, 2007, 01:00 ET from SiRF Technology

    SAN JOSE, Calif., June 21 /PRNewswire-FirstCall/ -- SiRF Technology
 Holdings, Inc. (Nasdaq:   SIRF), a leading provider of GPS-enabled silicon
 and premium software location platforms, today announced that it has signed
 a definitive agreement to acquire Centrality Communications Inc, a leading
 developer of navigation processor solutions for mobile navigation devices,
 for a total consideration of $283 million in stock and cash.
     Founded in 1999, Centrality has developed a range of system on a chip
 (SoC) offerings that bring high quality navigation and multimedia
 experience to consumers in mobile environments. Headquartered in Redwood
 City, California, Centrality has more than 190 employees and a worldwide
 presence with its main development center in Shanghai, China and branch
 offices in Taipei, Seoul and Brussels.
     Centrality's Atlas(TM) and Titan(TM) family of navigation processors
 together deliver the new standard in features and value for the navigation
 infotainment systems (NIS) market. By leveraging Centrality's suite of
 reference platforms, leading NIS manufacturers can deliver compelling
 products and services to market quickly.
     "World class multifunction SoC platform expertise is a significant
 differentiator for us, especially as we address the emerging needs of
 portable navigation, automotive and consumer markets with value-added
 products," said Dr. Michael Canning, president and chief executive officer
 of SiRF. "Centrality's team has a proven track record of delivering
 innovative solutions to market and we believe that the combined entity can
 provide a very attractive product portfolio to address the price
 performance and functionality needs of our customers. In addition, the
 Shanghai Center will enable us to scale our development activities rapidly
 and significantly strengthen our capabilities to address the fast-growing
 China market."
     With its primary focus on portable navigation-infotainment devices,
 Centrality has developed a range of platforms centered on enhancing the
 location, information and entertainment experience of consumers. Based on a
 proprietary dual-core processor architecture, these SoCs have integrated
 GPS, DSP, graphics and multimedia accelerators, providing breakthrough
 performance while achieving lower cost. While the Atlas(TM) family focuses
 on high performance value solutions, the Titan(TM) platform is designed for
 the highest end solutions.
     "Centrality has developed a leading innovative family of SoC processors
 for navigation infotainment systems and these combined with SiRF's overall
 location platform market leadership, global brand recognition, and
 worldwide support infrastructure opens up vast opportunities for our
 platforms," said Rob Baxter, president and chief executive officer of
 Centrality. "Joining forces with SiRF enables us to combine our SoC
 platform and media expertise with SiRF's location and multifunction radio
 expertise, further strengthening our technology leadership position and
 enabling us to bring more value-added products to market quickly."
     Centrality delivers platforms with full reference design support in
 order to ensure that customers enjoy the best system performance, shortest
 time-to- market and enhanced product differentiation. As a leading provider
 of embedded GPS platforms, Centrality supports multiple operating system
 environments to address customer needs. With a large number of fully
 qualified ODM customers, Centrality can help bring better and more
 innovative products to market faster.
     "SiRF and Centrality have a shared vision of bringing the benefits of
 location information to mainstream consumers through innovations. We
 believe that there is a large potential market opportunity for mobile
 consumer devices with convergence of location, entertainment and wireless
 communications capabilities," said Kanwar Chadha, founder and vice
 president of marketing for SiRF. "Our combined expertise can deliver very
 powerful end-to-end multifunction location platforms to location-enable a
 broad range of new devices and services and to help our customers,
 operators and content partners add more value to their offerings while
 significantly enhancing the consumer experience."
     Under the terms of the Agreement, in exchange for all of the
 outstanding capital stock of Centrality, including equity awards, SiRF has
 agreed to pay $283 million in a combination of cash and shares of SiRF
 Common Stock. The boards of directors of both companies have approved the
 merger. Completion of this transaction is subject to customary closing
 conditions and is expected to close next quarter.
     Conference Call Details
     SiRF Technology Holdings, Inc. will host conference call at 5:00PM
 EDT/2:00PM PDT today, June 21, to discuss this acquisition. The conference
 call will be webcast live via the Internet in the investor relations
 section of the SiRF website at http://www.sirf.com. Interested parties
 should access the site, downloading any necessary audio software, at least
 ten minutes prior to the call. An archived webcast replay of the call will
 be available at the web site for twelve months.
     To listen to the call, please dial (800) 896-8445 (domestic) or (785)
 830-1916 (international) approximately 10 minutes prior to the start time.
 The conference ID is: SIRF. A telephonic replay will be available
 approximately two hours following the call and will remain available for
 one week. The telephone playback of the conference call can be accessed by
 dialing (800) 839-5576.
     About SiRF Technology
     SiRF Technology Holdings, Inc. develops and markets semiconductor and
 software products that are designed to enabled location-awareness utilizing
 GPS and other location technologies, enhanced by wireless connectively
 capabilities such as Bluetooth, for high-volume mobile consumer devices and
 commercial applications. SiRF's technology has been integrated into mobile
 consumer devices such as automobile navigation systems, mobile phones,
 PDAs, GPS-based peripherals and handheld GPS navigation devices, and into
 commercial applications such as location servers, asset tracking devices
 and fleet management systems. SiRF markets and sells its products in three
 target platforms: wireless handheld devices, such as mobile phones;
 automotive electronics systems, including navigation and telematics
 systems; and consumer and compute devices, including personal digital
 assistants, notebook computers, recreational GPS handhelds, mobile gaming
 machines, digital cameras and watches. Founded in 1995, SiRF is
 headquartered in San Jose, California, and has sales offices, design
 centers and research facilities around the world. The company trades on the
 NASDAQ Stock Exchange under the symbol SIRF. Additional information about
 SiRF and its location technology solutions can be found at
 http://www.sirf.com.
     About Centrality Communications, Inc.
     Centrality is a leading developer of semiconductor system solutions for
 GPS navigation products. Headquartered in Redwood City, California,
 Centrality also has a worldwide presence with branch offices in Shanghai,
 Taipei, Seoul, Caymans and Brussels. Centrality's Atlas(TM) and Titan(TM)
 family of navigation processors together deliver the new standard in
 features and value for the navigation infotainment systems (NIS) market. By
 leveraging Centrality's suite of reference platforms, leading NIS
 manufacturers can deliver compelling products and services to market
 quickly. For more information, please visit: http://www.centralitynav.com .
     Forward-Looking Statements:
     Except for the historical information contained herein, the matters set
 forth in this press release, including, but not limited to, statements
 regarding the benefits of the combined company, including its product
 portofolio, price-performance-functionality, our ability scale our
 development activity in Shanghai and our ability to strenthen our position
 in the China market, the benefits of the Titan platform, our ability to
 strengthen Centrality's technology position and bring products to market
 quickly, the market opportunity for mobile consumer devices, ability of
 Centrality to strengthen SiRF's multifunction location platform strategy,
 its world class multifunction SoC platform expertise and the anticipated
 closing of the acquisition are forward-looking statements within the
 meaning of the Private Securities Litigation Reform Act of 1995. Words such
 as "to," "being," "possible," "may," "will," "addresses," "designed to,"
 "provide," "believe," and similar expressions are intended to identify
 forward-looking statements. These statements are not guarantees of future
 performance and should not be considered as an indication of future
 performance. SiRF's actual results could differ materially from those
 discussed in these forward-looking statements as a result of risks and
 uncertainties, including, among others, the risk that we may not realize
 the anticipated benefits of this acquisition, risks associated with
 acquisitions, including the ability to successfully integrate the acquired
 technologies or operations, potential diversion of management's attention
 and our ability to retain key employees of acquired businesses, demand and
 market acceptance for our products and those of our customers, the market
 for GPS-based location awareness, risks associated with the semiconductor
 industry and other risks and uncertainties discussed in the Company's
 Quarterly Report on Form 10-Q for the quarter ended March 31, 2007 and from
 time to time in SiRF's SEC reports. These forward-looking statements speak
 only as of the date hereof. We do not undertake any obligation to update
 forward-looking statements.
 
 

SOURCE SiRF Technology
    SAN JOSE, Calif., June 21 /PRNewswire-FirstCall/ -- SiRF Technology
 Holdings, Inc. (Nasdaq:   SIRF), a leading provider of GPS-enabled silicon
 and premium software location platforms, today announced that it has signed
 a definitive agreement to acquire Centrality Communications Inc, a leading
 developer of navigation processor solutions for mobile navigation devices,
 for a total consideration of $283 million in stock and cash.
     Founded in 1999, Centrality has developed a range of system on a chip
 (SoC) offerings that bring high quality navigation and multimedia
 experience to consumers in mobile environments. Headquartered in Redwood
 City, California, Centrality has more than 190 employees and a worldwide
 presence with its main development center in Shanghai, China and branch
 offices in Taipei, Seoul and Brussels.
     Centrality's Atlas(TM) and Titan(TM) family of navigation processors
 together deliver the new standard in features and value for the navigation
 infotainment systems (NIS) market. By leveraging Centrality's suite of
 reference platforms, leading NIS manufacturers can deliver compelling
 products and services to market quickly.
     "World class multifunction SoC platform expertise is a significant
 differentiator for us, especially as we address the emerging needs of
 portable navigation, automotive and consumer markets with value-added
 products," said Dr. Michael Canning, president and chief executive officer
 of SiRF. "Centrality's team has a proven track record of delivering
 innovative solutions to market and we believe that the combined entity can
 provide a very attractive product portfolio to address the price
 performance and functionality needs of our customers. In addition, the
 Shanghai Center will enable us to scale our development activities rapidly
 and significantly strengthen our capabilities to address the fast-growing
 China market."
     With its primary focus on portable navigation-infotainment devices,
 Centrality has developed a range of platforms centered on enhancing the
 location, information and entertainment experience of consumers. Based on a
 proprietary dual-core processor architecture, these SoCs have integrated
 GPS, DSP, graphics and multimedia accelerators, providing breakthrough
 performance while achieving lower cost. While the Atlas(TM) family focuses
 on high performance value solutions, the Titan(TM) platform is designed for
 the highest end solutions.
     "Centrality has developed a leading innovative family of SoC processors
 for navigation infotainment systems and these combined with SiRF's overall
 location platform market leadership, global brand recognition, and
 worldwide support infrastructure opens up vast opportunities for our
 platforms," said Rob Baxter, president and chief executive officer of
 Centrality. "Joining forces with SiRF enables us to combine our SoC
 platform and media expertise with SiRF's location and multifunction radio
 expertise, further strengthening our technology leadership position and
 enabling us to bring more value-added products to market quickly."
     Centrality delivers platforms with full reference design support in
 order to ensure that customers enjoy the best system performance, shortest
 time-to- market and enhanced product differentiation. As a leading provider
 of embedded GPS platforms, Centrality supports multiple operating system
 environments to address customer needs. With a large number of fully
 qualified ODM customers, Centrality can help bring better and more
 innovative products to market faster.
     "SiRF and Centrality have a shared vision of bringing the benefits of
 location information to mainstream consumers through innovations. We
 believe that there is a large potential market opportunity for mobile
 consumer devices with convergence of location, entertainment and wireless
 communications capabilities," said Kanwar Chadha, founder and vice
 president of marketing for SiRF. "Our combined expertise can deliver very
 powerful end-to-end multifunction location platforms to location-enable a
 broad range of new devices and services and to help our customers,
 operators and content partners add more value to their offerings while
 significantly enhancing the consumer experience."
     Under the terms of the Agreement, in exchange for all of the
 outstanding capital stock of Centrality, including equity awards, SiRF has
 agreed to pay $283 million in a combination of cash and shares of SiRF
 Common Stock. The boards of directors of both companies have approved the
 merger. Completion of this transaction is subject to customary closing
 conditions and is expected to close next quarter.
     Conference Call Details
     SiRF Technology Holdings, Inc. will host conference call at 5:00PM
 EDT/2:00PM PDT today, June 21, to discuss this acquisition. The conference
 call will be webcast live via the Internet in the investor relations
 section of the SiRF website at http://www.sirf.com. Interested parties
 should access the site, downloading any necessary audio software, at least
 ten minutes prior to the call. An archived webcast replay of the call will
 be available at the web site for twelve months.
     To listen to the call, please dial (800) 896-8445 (domestic) or (785)
 830-1916 (international) approximately 10 minutes prior to the start time.
 The conference ID is: SIRF. A telephonic replay will be available
 approximately two hours following the call and will remain available for
 one week. The telephone playback of the conference call can be accessed by
 dialing (800) 839-5576.
     About SiRF Technology
     SiRF Technology Holdings, Inc. develops and markets semiconductor and
 software products that are designed to enabled location-awareness utilizing
 GPS and other location technologies, enhanced by wireless connectively
 capabilities such as Bluetooth, for high-volume mobile consumer devices and
 commercial applications. SiRF's technology has been integrated into mobile
 consumer devices such as automobile navigation systems, mobile phones,
 PDAs, GPS-based peripherals and handheld GPS navigation devices, and into
 commercial applications such as location servers, asset tracking devices
 and fleet management systems. SiRF markets and sells its products in three
 target platforms: wireless handheld devices, such as mobile phones;
 automotive electronics systems, including navigation and telematics
 systems; and consumer and compute devices, including personal digital
 assistants, notebook computers, recreational GPS handhelds, mobile gaming
 machines, digital cameras and watches. Founded in 1995, SiRF is
 headquartered in San Jose, California, and has sales offices, design
 centers and research facilities around the world. The company trades on the
 NASDAQ Stock Exchange under the symbol SIRF. Additional information about
 SiRF and its location technology solutions can be found at
 http://www.sirf.com.
     About Centrality Communications, Inc.
     Centrality is a leading developer of semiconductor system solutions for
 GPS navigation products. Headquartered in Redwood City, California,
 Centrality also has a worldwide presence with branch offices in Shanghai,
 Taipei, Seoul, Caymans and Brussels. Centrality's Atlas(TM) and Titan(TM)
 family of navigation processors together deliver the new standard in
 features and value for the navigation infotainment systems (NIS) market. By
 leveraging Centrality's suite of reference platforms, leading NIS
 manufacturers can deliver compelling products and services to market
 quickly. For more information, please visit: http://www.centralitynav.com .
     Forward-Looking Statements:
     Except for the historical information contained herein, the matters set
 forth in this press release, including, but not limited to, statements
 regarding the benefits of the combined company, including its product
 portofolio, price-performance-functionality, our ability scale our
 development activity in Shanghai and our ability to strenthen our position
 in the China market, the benefits of the Titan platform, our ability to
 strengthen Centrality's technology position and bring products to market
 quickly, the market opportunity for mobile consumer devices, ability of
 Centrality to strengthen SiRF's multifunction location platform strategy,
 its world class multifunction SoC platform expertise and the anticipated
 closing of the acquisition are forward-looking statements within the
 meaning of the Private Securities Litigation Reform Act of 1995. Words such
 as "to," "being," "possible," "may," "will," "addresses," "designed to,"
 "provide," "believe," and similar expressions are intended to identify
 forward-looking statements. These statements are not guarantees of future
 performance and should not be considered as an indication of future
 performance. SiRF's actual results could differ materially from those
 discussed in these forward-looking statements as a result of risks and
 uncertainties, including, among others, the risk that we may not realize
 the anticipated benefits of this acquisition, risks associated with
 acquisitions, including the ability to successfully integrate the acquired
 technologies or operations, potential diversion of management's attention
 and our ability to retain key employees of acquired businesses, demand and
 market acceptance for our products and those of our customers, the market
 for GPS-based location awareness, risks associated with the semiconductor
 industry and other risks and uncertainties discussed in the Company's
 Quarterly Report on Form 10-Q for the quarter ended March 31, 2007 and from
 time to time in SiRF's SEC reports. These forward-looking statements speak
 only as of the date hereof. We do not undertake any obligation to update
 forward-looking statements.
 
 SOURCE SiRF Technology