Sep, 2001 : Micron Technology Foundation Gets Shares of Interland

📅 September 10, 2001 - The Micron Technology Foundation and Micron Technology, Inc., announced the contribution by Micron Technology of 58.6 million shares of Interland, Inc.(interland.com ) common stock to the Foundation. The value of the contribution, based on the stock priceas of Aug. 30, was approximately $94 million.

The Micron Technology Foundation, founded in Octoberof 1999, is a non-profit organization funded throughcontributions from Micron Technology. The MicronTechnology Foundation was formed to support theadvancement of science and technology education and tosupport civic and charitable institutions in thecommunities in which Micron Technology has facilities.
Programs include competitively selected grants foreducation and youth, and scholarships coupled withopportunities for mentoring and industry experiences.Interland, Inc., is a web-hosting business formedthrough the merger of Micron Electronics, Inc., aformer subsidiary of Micron Technology, Inc., andInterland on Aug. 6, 2001. This contribution to theFoundation represents all of the shares of Interlandcommon stock held by Micron Technology. MicronTechnology will incur an aggregate charge ofapproximately $190 million (or approximately $120million after tax) in its fourth fiscal quarter as aresult of an adjustment of the carrying value and thecontribution of Micron Technology's equity interest inInterland.
"We are very grateful that Micron Technology hasreaffirmed its commitment to the Foundation by makingsuch a generous gift," said Karen Vauk, executivedirector of the Micron Technology Foundation. "Whilethis contribution will help facilitate theFoundation's ability to achieve its long term goals,we do not anticipate any changes in the Foundation'sobjectives or funding commitments in the near future."
Micron Technology, Inc., and its subsidiariesmanufacture and market DRAMs, fast SRAMs, FlashMemory, other semiconductor components, and memorymodules. Micron's common stock is traded on the NewYork Stock Exchange under the MU symbol.

Reads: 1989 | Category: General | Source: TheWHIR : Web Host Industry Reviews
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Company: Interland

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