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Electronics Production | April 21, 2005

SiRF buys RF-firm Kisel

SiRF Technology Holdings, Inc, an US based provider of GPS-enabled location technology, today announced that it has signed a definitive agreement to acquire Swedish based Kisel Microelectronics, AB.
Kisel is a company with expertise in complex integrated transceiver designs, for consideration that includes cash and stock. Kisel was founded at the end of 1999 under the name of BlueChip IC Design AB by senior designers from Ericsson to form a center of excellence for complex radio frequency integrated circuit (RFIC) design. As a premiere independent European design house for complex integrated transceiver circuits, Kisel has been involved in the development of multiple radios using a range of process technologies such as SiGe BiCMOS to pure bipolar and analog/RF CMOS. Designers at Kisel have extensive experience of radio and analog/mixed signal integrated circuit design.

As part of the transaction, SiRF will establish SiRF Technology AB as a wholly owned subsidiary of SiRF Technology Holdings, and all 19 employees of Kisel will join SiRF. The team in Sweden will continue their design services work for selected key customers and will also work in conjunction with the SiRF RF engineering team in San Jose, California on new product developments. The managing director of Kisel, Tomas Melander, will become managing director of SiRF Technology AB (Sweden).

Under the terms of the Agreement, in exchange for all of the outstanding capital stock of
Kisel, SiRF has agreed to pay up to $33 million in combination of cash and shares of SiRF Common Stock. The board of directors of both companies and shareholders of Kisel have approved the merger. Completion of this transaction is subject to customary closing conditions and is expected to close this quarter.
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