released a 6502-based single board computer/evaluation kit called the SYM-1, a derivative of MOS Technology/Commodore Semiconductor Group's KIM-1. Honeywell purchase In order to remain competitive, the company needed to build a new chip making factory, or "fab". Their existing fabs in the Sunnyvale area were not particularly good - Schreiner later described them as "mickey mouse" - built as needed and often using used equipment. Intel and NatSemi had better fabs and got higher yields, allowing them to produce chips for lower cost. He approached the board of directors looking to raise about $250 million for a first-class fab, but was turned down. He then began looking for partners who might fund the expansion. Part of his pitch was that they should build the new fab in Santa Cruz instead of Silicon Valley. In the valley, their staff would constantly be raided by other companies, and Schreiner felt that by moving even the half-hour drive away, employees who worked there would be less likely to move back without more significant incentives. Standard Oil made an offer, but Honeywell offered to buy the company outright after Schreiner told them that microprocessors were going to wipe them out if they didn't have their own production. Schreiner was sceptical it would work, as his experience at Fairchild had convinced him east-coast companies' attempts to remote control west-coast firms would not work. The CEO of Honeywell, Ed Spencer, convinced him the deal would be entirely hands-off. Schreiner then explained that there was going to have to be some sort of stock option plan or similar, or their talent would leave. Spencer promised to come up with something. Honeywell completed the purchase in 1979. The deal soured almost immediately. To support their design efforts, Schreiner attempted to buy a PDP-11, but the order was refused. Honeywell had recently entered the mainframe business, after purchasing the former General Electric computer division. That division worried that if Synertek bought from another company it would make people question their products. After promising to build the design software needed, they sent a mainframe under a free rental agreement. The promised software never arrived. Around the same time, ranking members of the company started leaving as no option plan had emerged. When they attempted to hire new staff, no one would join for the same reason. Floyd, Balletto, and Wetlesen left the company shortly after Honeywell's acquisition and went on