In two of the domains the company occupies on the sector of Silicon Intellectual Property, namely that of Memory and Cell Libraries and that of High Resolution Peripheral Components, its competitors continue their series of Mergers through Acquisitions by providers of microprocessors for Systems-on-Chip.

After the Acquisition of the American Artisan Components by the English ARM Holdings, it is the turn of the Portuguese Chipidea to be bought by the American MIPS.

This merger tendency ? far beyond the critical size - enhances the rare companies in this high-tech sector for industries of the future, as well as the importance of a sufficiently relevant offering to justify a profitable commercial autonomy. It precisely is the approach of Dolphin Integration, (Paris:ALDOL) which can continue to give priority to its inner growth, as it has proceeded for systems with Electro-mechanical Microstructures (MEMS) in Duisburg, Germany, and for power-supply regulators (DC-DC) in Montréal, Quebec. Furthermore, the company is pursuing its long-term investment on simulation solutions to secure the right-on-first-pass development of complex circuits.

"The true question about the lasting value of such enterprises, declares Louis Zangara, Chief Technical Officer in charge of development of Intellectual Property, is the reality and the originality of their patents. We register more than two patents per year, and solid ones. Indeed, the width of a product catalog has never explained the success of such or such provider of electronic components, but rather the depth of its competitive difference and of its inner synergies."

The acquired companies, which move-on from the age of venture-capital management to the age of industrial management, are changing perspective: they may no longer have the obsession of growth to the detriment of margins, and they join those which strive to defend the valuation of Silicon Intellectual Property. A wisening-up of the market must now be expected, as the dynamics of innovation should result from the corporate culture and no longer from the mere financial enticement.

Above all, these concentrations reveal that Systems-on-Chips put an end to the era of dominance by central processors to enter the era of valuation of peripheral components, which are stimulated more and more by the multiplication of applicative demands. It precisely is the strong point of our company.

The Board of directors

This company controls a key strategic position in the ever-growing industry of Design in Microelectronics, with lasting growth and on the way to accelerated deverticalization.

DOLPHIN Integration SA with social Capital of 1,277,120 € - www.dolphin.fr - ISIN: FR0004022754/ ALDOL ? Bloomberg: ALDOL FP ? Reuters: ALDOL.PA - ICB 9576. Semiconductors.

Michel DEPEYROT, Executive Chairman
myd@dolphin.fr
or
ATOUT CAPITAL, Listing Sponsor
Cedric BEUDIN, (33) 1 56 69 61 83
cedric.beudin@atoutcapital.com