New book by Larry Connors Click here Improve your trading - See how
(Logo: http://www.newscom.com/cgi-bin/prnh/20060118/SFW077LOGO)
The Company does not expect the delisting to have any significant impact to its business. The Company believes it is making progress on its restructuring plans. With cash balances of $195 million as of April 27, of which $110 million is in the United States, Spansion believes it has adequate cash to continue normal business operations. Recently the Company announced that it plans to pursue a standalone strategy focused on the embedded solutions market and Intellectual Property (IP) licensing business, to leverage its charge-trapping technology, market segment leadership and strong customer relationships. The Company is also actively pursuing strategic alternatives for its wireless business.
Spansion's discussions with creditors continue to progress. The Company's goal is to have creditor and court approval of the restructuring plan by the fourth quarter. If the restructuring plan is approved, Spansion will emerge from Chapter 11 and operate without the constraints currently imposed by the U.S. Bankruptcy Court.
During the restructuring process, the Company plans to continue to provide business updates via press releases and through its website. Stockholder voting rights will not be affected by the delisting and the Company plans to continue to hold its annual stockholder meeting.
The Company's goal is to emerge from its Chapter 11 restructuring process with a sustainable business model aimed at maximizing recovery for creditors, generating positive free cash flow and profitability. Additionally, the Company plans to seek a relisting on one of the major stock exchanges at the appropriate time after the completion of its restructuring process.
Forward-Looking Statements
This release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In particular, the press release includes forward-looking statements as to the impact of the delisting on the Company's business, Company's plans to file its restructuring plan, the hope to emerge from Chapter 11, plans to comply with the requirements of the Securities and Exchange Commission, the ability to effect a stand alone plan, the ability to successfully pursue strategic alternatives and plans to seek relisting on one of the major stock exchanges. Investors are cautioned that these forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those statements. Forward-looking statements are made as of the date of this press release and, except as required by law, Spansion does not undertake an obligation to update its forward-looking statements to reflect future events or circumstances.
About Spansion
Spansion (NASDAQ: SPSN | Quote | Chart | News | PowerRating) is a leading Flash memory solutions provider, dedicated to enabling, storing and protecting digital content in wireless, automotive, networking and consumer electronics applications. Spansion, previously a joint venture of AMD and Fujitsu, is the largest company in the world dedicated exclusively to designing, developing, manufacturing, marketing, selling and licensing Flash memory solutions. For more information, visit http://www.spansion.com.
Spansion(R), the Spansion logo, MirrorBit(R), MirrorBit(R) Eclipse(TM), ORNAND(TM), ORNAND2(TM), HD-SIM(TM), EcoRAM(TM) and combinations thereof, are trademarks of Spansion LLC in the United States and other countries.
SOURCE Spansion Inc.
http://www.spansion.com
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302
© Copyright 2009 The Connors Group, Inc.
