SAN JOSE, Calif., June 20, 2017 /PRNewswire/ -- Cypress
Semiconductor Corporation ("Cypress" or "the Company") (NASDAQ: CY) today announced that, according to preliminary voting
tabulations, stockholders have elected Camillo Martino and J. Daniel
McCranie to the Company's Board of Directors. Mr. Martino and Mr. McCranie join re-elected Cypress Board members
W. Steve Albrecht, Hassane El-Khoury, Oh Chul Kwon, Wilbert van den Hoek and Michael Wishart.
Cypress issued the following statement regarding the preliminary voting results:
"We appreciate the feedback we received from our stockholders and want to welcome Dan and Camillo to the Board. We look
forward to working collaboratively with them to keep our Cypress 3.0 strategy moving forward and create additional stockholder
value.
"Over the past several months, we have had the opportunity to speak with many of our stockholders about Cypress' strong
performance since the CEO change and our positive outlook, as well as hear their concerns over the Company's corporate
governance. We have taken those corporate governance issues to heart and are committed to doing better and believe the
recent appointment of Steve Albrecht as our Chairman is an important step in that
direction.
"We also want to thank Eric Benhamou for his many contributions during his years of service to
Cypress, and we wish him continued success."
In addition, according to preliminary voting tabulations, the Company's stockholders also took the following actions at the
2017 Annual Meeting:
- Ratified the selection of PricewaterhouseCoopers LLP as Cypress' independent registered public accounting firm for
2017.
- Approved, via an advisory vote, the compensation of Cypress' named executive officers (the "Say-on-Pay Vote").
- Approved, via an advisory vote, that the frequency of the Say-on-Pay Vote would be annual.
- Approved the Amendment and Restatement of the 2013 Stock Plan.
The vote is subject to certification by IVS Associates, Inc., the independent Inspector of Elections. Further details
regarding the results of the 2017 Annual Meeting will be contained in a Current Report on Form 8-K that Cypress will be filing
with the Securities and Exchange Commission (SEC). This filing will be available at no charge at the SEC's website at
www.sec.gov.
About Cypress
Cypress is a leader in advanced embedded system solutions for the world's most innovative automotive, industrial, home
automation and appliances, consumer electronics and medical products. Cypress' programmable systems-on-chip,
general-purpose microcontrollers, analog ICs, wireless and USB-based connectivity solutions and reliable, high-performance
memories help engineers design differentiated products and get them to market first. Cypress is committed to providing
customers with support and engineering resources that enable innovators and out-of-the-box thinkers to disrupt markets and create
new product categories. To learn more, go to www.cypress.com.
Forward-Looking Statements
Statements herein that are not historical facts and that refer to Cypress or its subsidiaries' plans and expectations
for the future are forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. We may use
words such as "may," "should," "expect," "plan," "intend," "anticipate," "believe," "estimate," "predict," "potential," "future,"
"continue" or other wording indicating future results or expectations to identify such forward-looking statements that include,
but are not limited to statements related to: our Cypress 3.0 strategy; the composition of our Board of Directors; our 2017
Annual Meeting of Stockholders; the Company's financial and operational performance; our corporate governance policies and
practices; and our plans to file certain materials with the SEC. Such statements reflect our current expectations, which are
based on information and data available to our management as of the date of this press release. Our actual results may differ
materially due to a variety of risks and uncertainties, including, but not limited to: the uncertainty of litigation; our
ability to execute on our Cypress 3.0 strategy; global economic and market conditions; business conditions and growth trends in
the semiconductor market; our ability to compete effectively; the volatility in supply and demand conditions for our products,
including but not limited to the impact of seasonality on supply and demand; our ability to develop, introduce and sell new
products and technologies; potential problems relating to our manufacturing activities; the impact of acquisitions; our ability
to attract and retain key personnel; and other risks and uncertainties described in the "Risk Factors" and "Management's
Discussion and Analysis of Financial Condition and Results of Operations" sections in our most recent Annual Report on Form 10-K
and our other filings with the Securities and Exchange Commission. We assume no responsibility to update any such forward-looking
statements.
Contacts:
For Media:
Sard Verbinnen & Co
Ron Low/John Christiansen
(415) 618-8750
cypress-svc@sardverb.com
For Investors:
Okapi Partners LLC
Bruce Goldfarb/Pat McHugh/Tony
Vecchio
(877) 285-5990
info@okapipartners.com
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SOURCE Cypress Semiconductor Corp.