Cypress Announces Preliminary Results of 2017 Annual Meeting

PR Newswire 20-Jun-2017 3:53 PM

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 CypressCypress 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 StatementsStatements 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) 618-8750cypress-svc@sardverb.com

For Investors: Okapi Partners LLC Bruce Goldfarb/Pat McHugh/Tony Vecchio(877) 285-5990info@okapipartners.com

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SOURCE Cypress Semiconductor Corp.