CAMARILLO, Calif. -- Vitesse Semiconductor Corporation (Pink Sheets: VTSS - News), a leading provider of advanced integrated circuit solutions for Carrier and Enterprise networks, today held its Special Meeting of Stockholders resulting in approval to increase the number of authorized shares of common stock from 500,000,000 to 5,000,000,000 and approval to authorize the Company’s Board of Directors to effect a reverse stock split of the Vitesse’s common stock.

“The increase in our authorized shares of common stock allows us to complete the debt restructuring we entered into in October 2009,” said Chris Gardner, chief executive officer of Vitesse. “We will now turn our focus on the goal of relisting the Company on NASDAQ, increasing the opportunity for stock liquidity, and attracting investor and analyst support.”

More specifically at the Special Meeting, the stockholders approved an amendment to Vitesse’s certificate of incorporation to increase the number of authorized shares of common stock from 500,000,000 to 5,000,000,000 to permit the conversion of the Company’s recently issued Convertible Second Lien Debentures into shares of common stock and to provide available shares for other general corporate purposes. The Company will file an Amendment to its Certificate of Incorporation with the Secretary of State of Delaware to implement the increase in the number of authorized shares of common stock.

The stockholders also approved at the Special Meeting an amendment to Vitesse’s Certificate of Incorporation to effect a reverse stock split of the Company’s common stock. Vitesse’s Board of Directors is authorized to set a ratio between 1-for-20 and 1-for-50 for the reverse stock split, which may or may not be implemented. Upon the effectiveness of the reverse stock split, the number of authorized shares of the Vitesse’s common stock will be decreased on a basis proportional to the reverse split ratio.

Vitesse Semiconductor Corp. (Nasdaq: VTSS)