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2006 News Releases
"FOR IMMEDIATE RELEASE"
MOSAID and Loeb Partners Reach Agreement
OTTAWA, Ontario - September 25, 2006 - MOSAID Technologies Incorporated (TSX: MSD) today announced further details regarding the agreement that was reached with Loeb Partners Corporation in advance of MOSAID's Annual General Meeting on Friday, September 22, 2006.
MOSAID confirms that the Board of Directors has been expanded to ten and that all ten nominees, including those proposed by management and Loeb, have been elected. Thomas Csathy remains as Chairman of the Board of Directors. The Special Committee of the Board of Directors, which is responsible for conducting the review of strategic alternatives, will be comprised of four directors: two from the MOSAID slate, and two from the Loeb slate, Mr. Gideon King and Mr. Eugene Davis. The chair of the Special Committee is Mr. Davis. The parties have agreed that if a specific strategic alternative is considered and voted down by the board, yet the two Loeb nominees of the Special Committee have voted to proceed with this alternative, then the vote may be put to the Company's shareholders.
MOSAID and Loeb Partners stated that they believe the agreement on the composition of the board, the Special Committee, and the shareholder voting mechanism is driven by a common interest in maximizing shareholder value, and is responsive to shareholder interest in having Loeb Partners represented on the MOSAID board.
About MOSAID
MOSAID Technologies Incorporated makes semiconductors better through the development and licensing of intellectual property and the supply of memory test and analysis systems. MOSAID counts many of the world's largest semiconductor companies among its customers. Founded in 1975, MOSAID is based in Ottawa, Ontario, with offices in Santa Clara, California, Newcastle upon Tyne, U.K, and Tokyo, Japan. For more information, visit www.mosaid.com.
Forward Looking Information
This document and certain other public documents incorporated by reference in this document
contain forward-looking statements to the extent they relate to MOSAID or its management, including those
identified by the expressions "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan",
"will", "would" and similar expressions. These forward-looking statements are not historical facts, but rather
reflect MOSAID's current expectations regarding future events. These forward-looking statements are subject to
a number of risks and uncertainties that could cause actual results, performance or achievements to differ
materially from current expectations. Assumptions made in preparing forward-looking statements and financial
guidance include, but are not limited to, the following: MOSAID's continued expansion of its patent portfolio
and of its opportunities for future patent licensing revenue as a result of MOSAID's acquisition of patents and
development of new inventions; DRAM manufacturers continuing to infringe MOSAID's patents; the timing and amount
of MOSAID's litigation expenses; and MOSAID's ability to sign new licensees.
Factors that could cause actual results to differ materially from expected results include, but
are not limited to, the following: declines or unexpected variations in market growth rates for MOSAID's products;
the extent of embedded DRAM proliferation in the System-on-a-Chip markets ;variability in customer deployment
schedules from quarter to quarter; shifts in the mix of products sold; MOSAID's ability to negotiate settlements
with licensees; unfavourable legal rulings in MOSAID's patent litigations; Foreign currency fluctuations;
non-payment by customers/licensees; failure to obtain valuable patents as a result of research and development
activities, or to acquire valuable patents; loss of key employees; change in MOSAID's financial position;
obsolescence of products or inappropriate targeting to markets that fail to materialize; inability to transition
to new technologies to meet customer demand; variations in average sales cycles; key component supply restrictions
and/or cost increases; and critical industry transitions.
MOSAID assumes no obligation to update or revise any forward-looking statements. Additional
information identifying risks and uncertainties affecting MOSAID's business and other factors that could cause
MOSAID's financial results to fluctuate are contained in MOSAID's Annual Information Form, under the section
entitled "Risk Factors", and in MOSAID's other public filings available online at
www.sedar.com.
For more information, please contact:
Media and Investor Inquiries
Michael Salter
Director, Corporate Communications
613-599-9539 x1205
salter@mosaid.com |
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