OTTAWA, Ontario, Canada – June 16, 2005 - MOSAID Technologies Incorporated (TSX:MSD) today announced that as a result of its due diligence it has elected not to proceed with the proposed acquisition of TriCN, Inc.
On May 18, 2005, MOSAID announced that it had signed a non-binding letter of intent to acquire the assets of TriCN. TriCN filed for protection under Chapter 11 of the United States Bankruptcy Code on December 30, 2004. MOSAID's offer and the subsequent purchase agreement remained 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.
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.