OTTAWA, Ontario, Canada – June 23, 2005 - MOSAID Technologies Incorporated (TSX: MSD) today declared a quarterly dividend of $0.125 per share. The first dividend is payable on July 15, 2005 to shareholders of record as of July 8, 2005.
MOSAID also announced its intention to make a normal course issuer bid through the facilities of the Toronto Stock Exchange, subject to regulatory approval. Under the normal course issuer bid, MOSAID would be entitled to purchase up to 460,000 common shares, representing approximately 4% of the 11,489,172 common shares issued and outstanding. The issuer bid as scheduled would commence on June 28, 2005 and would not extend beyond June 27, 2006. In no event would MOSAID, in any given 30-day period, purchase more than 2% of the common shares issued and outstanding as at the commencement of this issuer bid.
Any MOSAID share purchases associated with the issuer bid will be made on the Toronto Stock Exchange and the purchased shares will be cancelled. Since all purchases of common shares associated with the issuer bid will be made in the open market, MOSAID is not in a position to know the identity of those from whom it may purchase common shares. To MOSAID's knowledge and to the knowledge of MOSAID's directors and officers, after reasonable inquiry, none of MOSAID's directors or senior officers or any associate of any such persons nor any person acting jointly or in concert with MOSAID nor any person holding 10% or more of the common shares currently intends to sell common shares to MOSAID during the course of the issuer bid.
MOSAID believes that any purchase of its outstanding common shares is an investment opportunity and an appropriate use of the funds.
MOSAID purchased 49,900 common shares under a normal course issuer bid between December 23, 2003 and December 22, 2004 for an average purchase price of $8.18 per share.
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.