SOURCE: CADENCE DESIGN SYSTEMS, INC.

May 14, 2007 18:14 ET

UPDATE: Cadence 'Stars & Strikes' Fundraiser and Bowling Tournament Nets Over $1 Million for Women's Initiative

Funds Raised Will Help Women's Initiative Purchase a Facility in the South Bay and Support the Outreach Efforts of the San Francisco 49ers Foundation

SAN JOSE, CA -- (MARKET WIRE) -- May 14, 2007 -- Cadence Design Systems, Inc. (NASDAQ: CDNS) today announced that $1.345 million was raised at its annual Stars & Strikes® fundraising event and bowling tournament, with Women's Initiative for Self Employment and the San Francisco 49ers Foundation named as major beneficiaries. Cadence® Stars & Strikes is one of the largest corporate fundraisers of its kind in Silicon Valley. For more than a decade, Cadence and its partners in business have come together as partners in the community to help major programs and projects that provide significant benefits to local nonprofit organizations and charities that serve those in need.

Surpassing this year's goal of $1 million, the Stars & Strikes tournament has now raised a total of more than $10 million since the event's inception in 1990. The proceeds will be used by the Women's Initiative to help purchase a facility which will house business training, daycare and incubator facilities, and to support the community outreach efforts of the San Francisco 49ers Foundation.

More than 200 Silicon Valley companies supported Cadence's Stars & Strikes fundraiser. While Cadence underwrote all event expenses, over 200 corporate bowlers teamed up with 49er football players and competed for bowling tournament trophies, followed by a live and silent auction of donated items, such as autographed sports memorabilia, vacation getaways and consumer electronics items. The tournament was held at '300 Bowling' in San Jose, which donated their facility for the day's events.

"We are thrilled to be selected by Cadence to be the 2007 Stars & Strikes beneficiary," said Julie Castro Abrams, chief executive officer of Women's Initiative. "We've been planning with the City of San Jose and community leaders for well over a year to move forward with extending our program into the South Bay. With the Stars & Strikes pledge, Cadence has provided us with the significant financial commitment to kick off the capital campaign."

"Women's Initiative will now have a state-of-the art training facility thanks to the generous support of our customers, partners, vendors, and even our competitors," said Cadence CEO Mike Fister. "I am proud of our Stars & Strikes event, which has supported worthy organizations in our community since 1990. Our investment in Women's Initiative will benefit women and their families in our community for many years to come. We are also pleased to be able to support the 49ers Foundation, which provides resources for many outstanding non-profit organizations in our community."

"We have a long standing relationship with Cadence that started many years ago," said John York, Owner of the San Francisco 49ers John York, owner of the 49ers, who was accompanied at the tournament by former and current players, Head Coach Mike Nolan and members of the 49ers Gold Rush. "The 49ers have supported the Stars & Strikes event to assist in raising money for a variety of non-profit organizations throughout the Bay Area. Women's Initiative is an impressive organization that supports lower-income women on their path to financial freedom. The 49ers are more than happy to lend a hand to raise awareness and support for the establishment of a of a Women's Initiative in the South Bay."

"San Jose is home to countless women with the motivation and commitment to be entrepreneurs," said City of San Jose Councilmember Nora Campos. "Cadence's gift to Women's Initiative will enable these women to gain the skills and confidence to become small business owners and positively impact their families and the communities in which they live."

About Women's Initiative for Self Employment

Women's Initiative for Self Employment provides a safe, supportive environment where high-potential, lower-income women can receive the help they need to start and grow their own businesses. In 2007 the agency has expanded services to Santa Clara, Marin and Contra Costa Counties. Women's Initiative offers a 20-session business training course, individual coaching and financing services in both English and Spanish. Women graduate with a business plan and the self-confidence to make it work. After graduation, clients can access much-needed capital through our matched savings program and our loan fund. For more information visit: www.womensinitiative.org.

About the 49ers Foundation

The San Francisco 49ers Foundation is the non-profit community funding extension of the San Francisco 49ers. Now in its 15th year, the San Francisco 49ers Foundation supports development programs for underserved youth that keep them safe, on track and in school. A significant portion of its funding goes towards family violence prevention programs and activities that teach youth leadership and respect. Under the direction of team owners Denise and John York, the 49ers Foundation has raised and distributed over $4 million to non-profit organizations over the last four years.

About Cadence

Cadence enables global electronic-design innovation and plays an essential role in the creation of today's integrated circuits and electronics. Customers use Cadence software and hardware, methodologies, and services to design and verify advanced semiconductors, consumer electronics, networking and telecommunications equipment, and computer systems. Cadence reported 2006 revenues of approximately $1.5 billion, and has approximately 5,200 employees. The company is headquartered in San Jose, Calif., with sales offices, design centers, and research facilities around the world to serve the global electronics industry. More information about the company, its products, and services is available at www.cadence.com.

Cadence and Stars & Strikes are registered trademarks, and the Cadence logo is a trademark of Cadence Design Systems, Inc. in the United States and other countries. All other marks are properties of their respective holders.

Contact Information

  • For more information, please contact:
    Nancy Szymanski
    direct: 408.473.8382
    415-420-5008 cell
    nancy@cadence.com