OTTAWA, Ontario, Canada – May 18, 2005 - MOSAID Technologies Incorporated (TSX:MSD) today announced that it has signed a non-binding letter of intent to acquire substantially all of the assets of TriCN, Inc. for a purchase price of U.S. $3.1 million. MOSAID has also offered to pay up to U.S. $900,000 based on the achievement of certain performance objectives. TriCN filed for protection under Chapter 11 of the United States Bankruptcy Code on December 30, 2004.
Founded in 1997, TriCN is based in San Francisco, California and is a leading developer of high-performance semiconductor interface intellectual property (IP) products. TriCN provides a portfolio of interface IP products including specialized libraries for high-performance memory and networking applications. Its customers range from fabless semiconductor companies to systems companies and independent device manufacturers.
"TriCN's silicon proven I/O libraries complement MOSAID's memory controllers," said Peter Gillingham, Vice President and General Manager of MOSAID's Intellectual Property Division. "With the combined Ottawa and San Francisco operations we will be able to offer an extensive I/O product line and a complete memory controller solution."
"We look forward to successfully completing this transaction with TriCN," said George Cwynar, President and Chief Executive Officer for MOSAID. "With revenues exceeding U.S. $3 million in each of its last two years of operations, TriCN has a solid reputation and an extensive customer base that can be leveraged with MOSAID's product line and financial strength."
MOSAID's offer remains subject to a variety of conditions, including satisfactory due diligence, the absence of any material adverse change to the business, the approval of MOSAID's Board and any necessary regulatory and other approvals including that of the United States Bankruptcy Court for the Northern District of California. There can be no assurance that the transaction will be completed as proposed or at all.
MOSAID Technologies Incorporated makes memory better through the development and licensing of intellectual property and the supply of memory test and analysis systems to semiconductor manufacturers, foundries and fabless semiconductor companies around the world.
Founded in 1975, MOSAID is based in Ottawa, Ontario, Canada, with offices in Santa Clara, California; Newcastle upon Tyne, U.K; and Tokyo, Japan. For more information, visit the Company's web site at www.mosaid.com.
Forward Looking Information
This document may contain forward-looking statements relating to the Company’s operations or to the environment in which the Company operates. Such statements are based on current expectations that are subject to a variety of risks and uncertainties that are difficult to predict and/or beyond MOSAID’s control. Actual results may differ materially from those expressed in any forward-looking statements, due to factors such as customer demand and timing of purchasing decisions, product and business mix, competitive products, pricing pressures as well as general economic and industry conditions. MOSAID assumes no obligation to update these forward-looking statements, or to update the reasons why actual results could differ from those reflected in any forward-looking statements. Additional information identifying risks and uncertainties is contained in other public filings with the Ontario Securities Commission.