OTTAWA -- Sept. 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.
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.