SHANGHAI, Oct. 21 /PRNewswire-Asia/ -- Spreadtrum Communications, Inc. (Nasdaq: SPRD, the "Company"), one of China's leading wireless baseband chipset providers, today announced that its Chief Financial Officer, David S. Wu, has resigned from the Company effective October 13, 2009, due to personal reasons. The Company's Vice President of Finance, who has been with the Company since 2001, Shannon Gao, will assume the responsibility for day-to-day finance and accounting activities while the Company commences a search for Mr. Wu's successor.
Commenting on the transition, Spreadtrum's President and CEO, Dr. Leo Li, said, "It is a difficult decision to separate with David after his short time here. Yet, we respect David's need to focus on his personal matters. We appreciate the contribution that David has made during his time at Spreadtrum and wish him all the best in his new endeavor. I am confident that Shannon will be able to provide the continuity in our finance and accounting functions while we search for a new CFO."
About Spreadtrum Communications, Inc.
Spreadtrum Communications, Inc. (Nasdaq: SPRD; "Spreadtrum") is a fabless semiconductor company that develops baseband and radio frequency ("RF") processor solutions for the wireless communications market. Spreadtrum combines its semiconductor design expertise with its software development capabilities to deliver highly-integrated baseband processors with multimedia functionality and power management. Spreadtrum offers terminal manufacturers a comprehensive portfolio of highly-integrated baseband processor solutions, as well as multimedia chips, RF chips, protocol software and software application platforms. Spreadtrum has developed its solutions based on an open development platform, enabling its customers to develop customized wireless products that are feature-rich and meet their cost and time-to-market requirements.
For more information, please check: http://www.spreadtrum.com
Safe Harbor Statements
This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, without limitation, statements regarding the Company's ability to ensure a continuity of finance and accounting functions and to make a turnaround during the management and industry transition. These statements are forward-looking in nature and involve risks and uncertainties that may cause actual market trends and the Company's actual results to differ materially from those expressed or implied in these forward-looking statements for a variety of reasons. Potential risks and uncertainties include, but are not limited to, continuing weak industry demand and the effect of such weakness on revenue; and changes in political, economic, legal and social conditions in China. For additional discussion of these risks and uncertainties and other factors, please consider the information contained in the Company's filings with the U.S. Securities and Exchange Commission (the "SEC"), including the annual report on Form 20-F filed on June 30, 2009, especially the sections under "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations," and such other documents that the Company may file with the SEC from time to time, including on Form 6-K. The Company assumes no obligation to update any forward-looking statements, which apply only as of the date of this press release.
