| October
3, 2006
QLOGIC TO ACQUIRE SILVERSTORM TECHNOLOGIES
QLogic's InfiniBand Portfolio to
be Expanded with Clustered Server
Networking
Aliso Viejo, Calif., October 3, 2006
– QLogic® Corporation (Nasdaq:QLGC),
the leader in Fibre Channel host bus
adapters (HBAs), stackable switches
and blade server switches, today announced
that it has entered into a definitive
agreement to acquire SilverStorm Technologies,
Inc. Pursuant to the terms of the
agreement, the Company will pay approximately
$60 million in cash. The acquisition
has been approved by the board of
directors of each company and is expected
to close following the satisfaction
of customary closing conditions. Based
on current projections, the Company
anticipates that the acquisition of
SilverStorm will be neutral to its
non-GAAP earnings per share for fiscal
year 2007. The Company will provide
additional details regarding the acquisition
during its second quarter fiscal 2007
earnings conference scheduled for
October 24, 2006.
"The acquisition of SilverStorm
builds on our portfolio of InfiniBand
connectivity technology which will
provide our customers with a leading
edge, end-to-end solution," said
H.K. Desai, the Company's chief executive
officer and president. "This
is a rapidly emerging market and having
a known and trusted supplier of infrastructure
connectivity products, delivering
an end-to-end solution, will accelerate
the ability of our OEM and channel
partners to bring their system level
solutions to market."
SilverStorm Technologies provides
end-to-end, high performance interconnect
fabric solutions for cluster and grid
computing networks. SilverStorm products
address the unique performance and
I/O requirements of enterprise class
servers, blade servers and storage
devices as data center architecture
building blocks.
“The synergy created by SilverStorm’s
industry leading technology and QLogic’s
strong market presence will drive
our expanded market share growth,”
said Russ Hawkins, chief executive
officer of SilverStorm. “We
are pleased to be part of the QLogic
team and look forward to playing an
integral part of QLogic’s ongoing
success.”
About QLogic
QLogic is a leading supplier of high
performance storage networking solutions
including Fibre Channel host bus adapters
(HBAs), blade server embedded Fibre
Channel switches, Fibre Channel stackable
switches, iSCSI HBAs, iSCSI routers
and storage services platforms for
enabling advanced storage management
applications. The Company is also
a leading supplier of server networking
products including InfiniBand host
channel adapters that accelerate cluster
performance. QLogic products are delivered
to small-to-medium businesses and
large enterprises around the world
via its channel partner community.
QLogic products are also powering
solutions from leading companies like
Cisco, Dell, EMC, Hitachi Data Systems,
HP, IBM, NEC, Network Appliance and
Sun Microsystems. QLogic is a member
of the S&P 500 Index. For more
information, go to http://www.qlogic.com.
Note: All QLogic-issued press releases
appear on the Company's website (www.qlogic.com).
Any announcement that does not appear
on the QLogic website has not been
issued by QLogic. http://www.qlogic.com
About SilverStorm Technologies
SilverStorm designs, manufactures
and services a family of networking
hardware and software products that
dramatically improve cluster performance
and scalability. SilverStorm solutions
power some of the world’s largest
supercomputers in diverse fields including
Oil and Gas exploration, Automotive
and Aerospace design, Financial Services,
Bio Medical and University/Government
Research. SilverStorm’s customers
include AMD, Canon, Chevron, Intel,
Lockheed Martin, NASA, Riken Research
Institute, Sandia National Laboratories,
Sun Microsystems, Toyota, the US Department
of Defense and Virginia Tech University.
Several of the world’s TOP500
supercomputers utilize SilverStorm
products. SilverStorm is also a member
of Blade.org, a collaborative organization
and developer community focused on
accelerating the expansion of blade.
www.silverstorm.com
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