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Cypress Spins Out PC Clock Business to SpectraLinear Inc.

San Jose, CA – October 11, 2006 – Cypress Semiconductor Corp. (NYSE: CY) and SpectraLinear, Inc., a Santa Clara, Calif.-based developer of timing solutions for computation and consumer markets, jointly announced that Cypress has spun out the assets and intellectual property of its PC clock business to SpectraLinear. This transaction does not involve Cypress’s general purpose clocks business.

Under the terms of the agreement, SpectraLinear acquired these assets for an undisclosed amount of cash and equity, and licensed access to its clock-related intellectual property. Cypress will continue to provide wafer manufacturing, assembly, test and logistics services to SpectraLinear. This partnership will help to ensure a continuity of supply and a seamless transition for Cypress’s PC Clock customers.

“This transaction accelerates SpectraLinear’s entry into the PC market with world class customer engagements. Furthermore, it establishes SpectraLinear as the largest pure play timing company,” said the company’s President and CEO, Ilhan Refioglu. Cypress’s President and CEO, T.J. Rodgers, said “The spin-out of Cypress’s PC Clocks business is consistent with our strategic plans to focus on mass-market programmable, system-on-chip products.”

The transaction, which was closed today, calls for the transfer of Cypress’s frequency timing generators and buffers optimized for desktop and notebook computers, computer servers and memory modules to SpectraLinear. It does not include Cypress’s general purpose clock offerings of fixed and programmable timing products used primarily in consumer electronics, handsets and networking applications.

About Cypress

Cypress solutions perform: consumer, computation, data communications, automotive, industrial, and solar. Leveraging proprietary silicon processes, Cypress’s product portfolio includes a broad selection of wired and wireless USB devices, CMOS image sensors, timing solutions, specialty memories, high-bandwidth synchronous and micropower memory products, optical solutions and reconfigurable mixed-signal arrays. Cypress trades on the NYSE under the ticker symbol CY. Visit us at www.cypress.com.

About SpectraLinear

SpectraLinear is an integrated timing solutions company that focuses on the consumer, computer and communication markets using innovative, high performance, fast time-to-market silicon platforms. In October, 2006 SpectraLinear acquired Cypress’ PC clock division, immediately establishing itself as the largest pure-play integrated timing device company. SpectraLinear is based in Santa Clara, CA and has offices in Taipei, Bangalore and Istanbul. For more information go to www.spectralinear.com.

Statements made in this release that are not historical in nature and that refer to Cypress plans and expectations for the future, including but not limited to the expected success of the transaction described above are forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Our actual results may differ materially due a variety of factors, including but not limited to Cypress’ ability to support SpectraLinear going forward, the success of the general purposes clocks business retained by Cypress as well as the risks identified in our filings with the Securities and Exchange Commission. All forward-looking statements included in this release are based upon information available to Cypress as of the date of this release, which may change, and we assume no obligation to update any such forward-looking statement. We use words such as “anticipates,” “believes,” “expects,” “future,” “look forward,” “planning,” “intends” and similar expressions to identify such forward-looking statements.

Cypress and the Cypress logo are registered trademarks of Cypress Semiconductor Corporation. All other trademarks are the property of their respective owners.

 

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