Tessera Technologies Files Investor Presentation With the SEC
SAN JOSE, Calif. -- April 25, 2013
Tessera Technologies, Inc. (NASDAQ:TSRA) ("Tessera" or the "Company") today
filed a presentation with the Securities and Exchange Commission that it will
be using with stockholders in advance of its Annual Meeting to be held on May
The presentation discusses in detail the Company’s strategies to improve
performance and fortify its financial profile. Among other things, the
presentation outlines Tessera’s progress in positioning itself to capture the
significant and evolving market opportunities for both business units, the
merits of its highly experienced slate of director nominees, and its blueprint
for increasing value and returning that value to stockholders over time.
Starboard Value LP, an activist hedge fund led by Peter Feld and Jeffrey
Smith, owning approximately 7.6% of Tessera, is seeking complete control of
the Board by replacing all six of the Company’s directors standing for
reelection, a step the Company strongly believes will disrupt its progress on
key initiatives currently underway.
Please refer to the investor relations section of the Tessera website for the
Safe Harbor Statement
This press release contains forward-looking statements, which are made
pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements involve risks and uncertainties
that could cause actual results to differ significantly from those projected,
particularly with respect to the stockholder presentation, the Company’s
strategic plans, market opportunities, value creation and stockholder returns.
Material factors that may cause results to differ from the statements made
include the plans or operations relating to the Company’s businesses; market
or industry conditions; changes in patent laws, regulation or enforcement, or
other factors that might affect the Company’s ability to protect or realize
the value of its intellectual property; the expiration of license agreements
and the cessation of related royalty income; the failure, inability or refusal
of licensees to pay royalties; initiation, delays, setbacks or losses relating
to the Company’s intellectual property or intellectual property litigations,
or invalidation or limitation of key patents; the timing and results, which
are not predictable and may vary in any individual proceeding, of any ICC
ruling or award, including in the Amkor arbitration; fluctuations in operating
results due to the timing of new license agreements and royalties, or due to
legal costs; the risk of a decline in demand for semiconductor and camera
module products; failure by the industry to use technologies covered by the
Company’s patents; the expiration of the Company’s patents; the Company’s
ability to successfully complete and integrate acquisitions of businesses; the
risk of loss of, or decreases in production orders from, customers of acquired
businesses; financial and regulatory risks associated with the international
nature of the Company’s businesses; failure of the Company’s products to
achieve technological feasibility or profitability; failure to successfully
commercialize the Company’s products; changes in demand for the products of
the Company’s customers; limited opportunities to license technologies and
sell products due to high concentration in the markets for semiconductors and
related products and camera modules; the impact of competing technologies on
the demand for the Company’s technologies and products; and the reliance on a
limited number of suppliers for the components used in the manufacture of DOC
products. You are cautioned not to place undue reliance on the forward-looking
statements, which speak only as of the date of this release. The Company’s
filings with the Securities and Exchange Commission, including its Annual
Report on Form 10-K for the year ended Dec. 31, 2012, include more information
about factors that could affect the Company’s financial results. The Company
assumes no obligation to update information contained in this press release.
Although this release may remain available on the Company’s website or
elsewhere, its continued availability does not indicate that the Company is
reaffirming or confirming any of the information contained herein.
About Tessera Technologies
Tessera Technologies, Inc. is a holding company with operating subsidiaries in
two segments: Intellectual Property and DigitalOptics. Our Intellectual
Property segment, managed by Tessera Intellectual Property Corp., generates
revenue from manufacturers and other implementers that use our technology. Our
DigitalOptics business delivers innovation in imaging systems for smartphones.
For more information call 1.408.321.6000 or visit www.tessera.com.
Tessera, the Tessera logo, DOC, the DOC logo, and Invensas Corporation are
trademarks or registered trademarks of affiliated companies of Tessera
Technologies, Inc. in the United States and other countries. All other
company, brand and product names may be trademarks or registered trademarks of
their respective companies.
Tessera Technologies, Inc.
Rick Neely, 408-321-6756
Chief Financial Officer
The Abernathy MacGregor Group
Chuck Burgess, 212-371-5999
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