ipTEST Limited Spun Off from LTX; Former Subsidiary Launched in Successful Management Buyout

Business Wire, April 14, 2000

Business/Technology Editors

WESTWOOD, Mass.--(BUSINESS WIRE)--April 14, 2000

LTX Corporation (Nasdaq:LTXX), a leading supplier of semiconductor test equipment, today announced that the management of ipTEST Limited, the UK-based power discrete tester division of LTX Corporation, has successfully completed a buyout of the ipTEST business. Funding has been provided by the London based Industrial Mezzanine Fund, L.P., and arranged through Icon Corporate Finance. The buyout team, led by David Newth, ipTEST's founder and managing director, includes John Mace, technical director, and Richard Denyer, marketing director.

LTX had previously announced its intention to divest ipTEST as part of the initiatives taken to focus on LTX's Fusion system-on-a-chip test platform, and has been working closely with ipTEST management to facilitate the change of ownership. In anticipation of this change, ipTEST has been operating autonomously for the past year, and, with dedicated worldwide sales and support channels in place, the transfer of ownership is expected to be seamless to ipTEST's customers.

Mr. Newth commented, "The timing of the buyout is excellent. ipTEST has built the momentum needed to operate successfully as an independent company. During its nine-year association with LTX, ipTEST has grown sixfold and has built an efficient, focused management team. Thestreamlined business infrastructure that we developed in our years with LTX will continue to benefit our customers, our suppliers and ipTEST in the future."

LTX Corporation is the only semiconductor test equipment company to offer a "one test platform, zero compromises" solution for testing the full spectrum of system-on-a-chip, mixed signal, digital and analog integrated circuits. Headquartered in Westwood, Mass., the company has additional development facilities in San Jose, Calif., as well as sales and service facilities throughout North America, Europe, the Pacific Rim and Japan. LTX also provides development and manufacturing facilities in Japan through its unique alliance with Ando Electric Co. Ltd. LTX is traded on the Nasdaq National Market under the symbol "LTXX." Further information on LTX can be obtained by calling 1-888-INFOLTX (or 888-463-6589). LTX's web site is located at http://www.ltx.com.

ipTEST develops and manufactures the Mostrak range of production line discrete semiconductor test systems, aimed primarily at the power mosfet market. It is ISO9001 accredited and has previously been awarded the prestigious Queens Award for Export, with over 95% of products exported. ipTEST's web site is located at www.iptest.com.

LTX and Fusion are registered trademarks of LTX Corporation.