Apogee sells audio division, refocuses on MEMS and nanotech

Oct. 7, 2005 — Apogee Technology Inc. (AMEX: ATA), a provider of audio integrated circuits and an emerging MEMS device supplier, reported that it has sold the assets of its audio division, including its Direct Digital Amplifier technology to SigmaTel Inc.

The engineering and marketing staff related to the audio division will be offered positions at SigmaTel to ensure a seamless transfer of the business. In connection with the asset purchase, Sigmatel will pay Apogee $9.4 million in cash plus a one-year earn-out of up to $4.5 million.

Apogee’s chairman and CEO, Herbert Stein, said in a prepared statement that Apogee plans to focus on its core strengths by using the funds from the sale to enhance the development of its MEMS/nanotechnology division product lines.

Recently the company announced its family of Sensilica pressure sensors and says it has made rapid progress in developing MEMS based medical devices.

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