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IN NEW YORK TIMES ARTICLE |
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San Jose, Calif. – August 13, 2004---Micrel Inc., (Nasdaq NM: MCRL), an industry leader in Power, Connect and Protect IC solutions, today addressed statements made in an article appearing this week in the New York Times. “The article was filled with outright falsehoods and misstatements,” stated Ray Zinn, President and CEO, Micrel, Inc. “There was never a closing agreement between the IRS and Micrel, as the article implies. Micrel cooperated fully with the IRS during an audit of the company that lasted 18 months and was completed in July of this year,” added Mr. Zinn. “While the false statements in the article are almost too numerous to mention, Micrel has an obligation to its shareholders to correct the record. In particular, at no time was there ever a proposed deal to escape any tax obligation of the Company, nor did we ever have an estimated tax bill of $58 million. Moreover, Micrel and the IRS never cooperated to keep Micrel’s shareholders uninformed on some basic terms of its stock-option plan as the article asserts. In addition, there is absolutely no truth to the allegations that the stock option feature in question enriched the Company’s four top executives by as much as $20 million or that Micrel ran its stock-option plan in violation of the law,” Mr. Zinn stated. “Unfortunately, we are precluded from debating the specifics of the Times’ assertions by an overriding concern for the privacy of our employees and the confidentiality of personal information,” explained Mr. Zinn. “However, neither can we remain silent after the New York Times has used the uncorroborated statements of one individual to cast Micrel in a negative light and therefore felt obligated to come forth with this public statement.” About Micrel Micrel Inc., is a leading manufacturer of advanced, high performance communications, clock management, Ethernet switch and physical layer transceiver, mixed signal, analog and power ICs. These products include devices for fiber-optic telecommunications and networking, cellular telephones, servers, portable computer systems, computer peripherals, process control systems, consumer electronics and power supplies. Web: http://www.micrel.com. # # #
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