LOS ANGELES, Nov. 14, 2006 (PRIMEZONE) -- Perfisans Networks Corp. (OTCBB:PFNH), a next-generation semiconductor designer focused on the burgeoning Gigabit Ethernet and Wireless Broadband Access (WBA) market is reorganizing its management team to better fit the new wireless product development focus of the Company.
Effective immediately, Mr. Bok Wong, previously Perfisans' Executive Vice President of Business Develeopement and Operations, will now take the position of CEO while Mr. To Hon Lam will head technology and product development. "It is with great pleasure that we announce Mr. Wong's appointment as Perfisans' new CEO," commented To Hon Lam. "This management change is a positive step for Perfisans' future. Mr. Wong is experienced in business development and familiar with the Chinese and Asian Pacific markets and their areas of growth. Mr. Wong and I have worked side by side for many years and believe that he is the right person to lead the Company into our next phase of commercialization."
With the recent strategic direction into the wireless broadband access market, the Company needs to focus on commercializing its technology assets while continuing to grow its intellectual property base of system-on-chip (SOC) technology and products. The Company's board has thus approved the appointment of Mr. Bok Wong, as the Chief Executive Officer to focus on the new direction and business of the Company while Mr.To-Hon Lam will focus on new product and technology developments.
"With this new management arrangement, the Company is shifting from a technology focus to a business focus," said Mr. Bok Wong, the new CEO of Perfisans. "This new arrangement is meant to give the Company the ability to further strengthen its proprietary technology base. I am confident that To Hon Lam, with his technical reputation and background in having completed over 200 chip designs including Personal Computer chipsets, graphics controllers, multimedia processors, and recognized as a pioneer in personal computer ASIC development, will take our proprietary chip technology base to new levels."
According to a research report published by WinterGreen Research Inc. in November 2005, the worldwide WiMAX switch market forecasts at $34.5 million dollars in 2005 and anticipated to reach $19.9 billion by 2011. Normally, more than twenty percent of switch costs are in Semiconductor ASIC components. This estimation gives Perfisans a Total Available Market (TAM) of around $4B by 2011, which is a significant market size for Perfisans to focus its future development.
"The introduction of the new wireless broadband access product will complement the Company's existing product lines and better serve the fast growing market needs. This move will enable the Company to develop more channel partners and, as a result, enable it to focus on increasing its revenue opportunities," added Mr. Bok Wong.
The Company's strategic direction and new management arrangement is in line with the growing trend of the broadband wireless market. With this recent reorganization, Perfisans plans to become one of the major players in this market segment.
About Perfisans Holdings, Inc.
Founded in 2001, Perfisans Holdings, Inc. is an ASIC design house focused on developing cutting edge, cost-effective, system-on-chip (SOC) integrated circuits (IC) and delivering innovative solutions that address the performance needs of next generation network systems. Recognized by industry leaders for its innovative network interface products, the Company's technologies have applications in telecommunications, data communications, storage networks, content delivery networks, broadband networks, and rich streaming media.
Perfisans' proprietary chip technology is fully standards-compliant, and provides high efficiency, high-quality network connections for both business and home applications. The Perfisans' ENA1001 can efficiently process protocols such as IP and TCP, and its high-speed protocol-processing capabilities - ten times faster than typical 100M-bit networks - can vastly improve the efficiency of the network. The ENA1001 network interface chip employs Perfisans' proprietary TCP offload engine (TOE), providing highly efficient network throughput, to enable high-performance networks for a wide range of applications. For more information please visit the Company's web site: www.perfisans.com.
Cautionary Statement
This press release contains statements relating to future results of Perfisans (including certain projections and business trends) that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected as a result of certain risks and uncertainties. These risks and uncertainties include, but are not limited to: the cyclical nature of the semiconductor industry and the markets addressed by the company's and its customers' products; demand for and market acceptance of new and existing products; successful development of new products; the timing of new product introductions; changes in product mix; product obsolescence; the availability of manufacturing capacity; fluctuations in manufacturing yields; pricing pressures and other competitive factors; the ability to develop and implement new technologies and to obtain protection for the related intellectual property; the uncertainties of litigation; our ability to attract and retain qualified personnel; as well as other risks and uncertainties, including those detailed from time to time in Perfisans' Securities and Exchange Commission filings. These forward-looking statements are made only as of the date hereof, and the company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.