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3DFX Announces Three Major Initiatives to Protect Creditors and Maximize Shareho
Posted by Philipp Esselbach on: 12/16/2000 12:37 AM [ Print | 0 comment(s) ]
Here the press release from 3dfx Interactive (Thanks Anthony):
SAN JOSE, Calif., Dec. 15 /PRNewswire/ -- In an effort to protect its creditors and maximize shareholder value, 3dfx Interactive, Inc. (Nasdaq: TDFX - news) announced today that it will substantially reduce all of its workforce as part of an initiative to significantly reduce expenses. In addition, the company said its Board of Directors will recommend to its shareholders that they approve the sale of most of the company´s assets to NVIDIA Corporation (Nasdaq: NVDA - news) as outlined in a definitive agreement between the companies that was signed today, and also approve a plan to dissolve the company following completion of the asset sale.
``After aggressively pursuing a wide range of options that take into consideration the interests of our creditors, our shareholders, our employees and our customers,´´ said Alex Leupp, president and CEO, 3dfx Interactive Inc., ``we strongly believe that to reduce expenses, sell our assets and dissolve the company provides the highest return to our creditors, shareholders, and employees.´´
``We expect that the combined technologies of 3dfx and NVIDIA will continue the legacy that 3dfx began in 1994,´´ Leupp continued. ``NVIDIA is the number one supplier of graphics technology to the OEM market. With the addition of 3dfx´s high-quality technology that leads the retail market, we believe the combination of the two will result in even greater PC graphics leadership.´´
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SAN JOSE, Calif., Dec. 15 /PRNewswire/ -- In an effort to protect its creditors and maximize shareholder value, 3dfx Interactive, Inc. (Nasdaq: TDFX - news) announced today that it will substantially reduce all of its workforce as part of an initiative to significantly reduce expenses. In addition, the company said its Board of Directors will recommend to its shareholders that they approve the sale of most of the company´s assets to NVIDIA Corporation (Nasdaq: NVDA - news) as outlined in a definitive agreement between the companies that was signed today, and also approve a plan to dissolve the company following completion of the asset sale.
``After aggressively pursuing a wide range of options that take into consideration the interests of our creditors, our shareholders, our employees and our customers,´´ said Alex Leupp, president and CEO, 3dfx Interactive Inc., ``we strongly believe that to reduce expenses, sell our assets and dissolve the company provides the highest return to our creditors, shareholders, and employees.´´
``We expect that the combined technologies of 3dfx and NVIDIA will continue the legacy that 3dfx began in 1994,´´ Leupp continued. ``NVIDIA is the number one supplier of graphics technology to the OEM market. With the addition of 3dfx´s high-quality technology that leads the retail market, we believe the combination of the two will result in even greater PC graphics leadership.´´
Read more
