SAN JOSE, Calif. – April 13, 2007 – LogicVision, Inc. (NASDAQ: LGVN), a leading provider of silicon test and yield learning solutions, today announced that on April 12, 2007 it received a letter from The Nasdaq Stock Market indicating that LogicVision is not in compliance with The Nasdaq Stock Market’s requirements for continued listing because, for the previous 30 consecutive business days, the bid price of LogicVision’s common stock had closed below the minimum $1.00 per share requirement for continued inclusion under Nasdaq Marketplace Rule 4450(a)(5) (the “Minimum Bid Price Rule”). Nasdaq stated in its letter that, in accordance with the Nasdaq Marketplace Rules, LogicVision will be provided 180 calendar days, or until October 9, 2007, to regain compliance with the Minimum Bid Price Rule. This notification has no effect on the listing of the Company's common stock at this time. About LogicVision Inc.
The Nasdaq letter also states that if, at any time before October 9, 2007, the bid price of LogicVision's common stock closes at $1.00 per share or more for a minimum of 10 consecutive business days, the Nasdaq staff will provide the Company written notification that it has achieved compliance with the Minimum Bid Price Rule. However, the letter states that if the Company does not regain compliance with the Minimum Bid Price Rule by October 9, 2007, the Nasdaq staff will provide the Company with written notification that its common stock will be delisted from The Nasdaq Stock Market.
If LogicVision were to receive notice that its common stock will be delisted from The Nasdaq Stock Market, Nasdaq rules permit LogicVision to appeal any delisting determination by the Nasdaq staff to a Nasdaq Listings Qualifications Panel. In addition, if the delisting determination was based solely on non-compliance with the Minimum Bid Price Rule, the Company may consider applying to transfer its common stock to The Nasdaq Capital Market if it satisfies all criteria for initial inclusion on such market other than compliance with the Minimum Bid Price Rule. In the event of such a transfer, the Nasdaq Marketplace Rules provide that the Company would be provided an additional 180 calendar days to comply with the Minimum Bid Price Rule while on The Nasdaq Capital Market.
LogicVision (NASDAQ: LGVN) provides proprietary technologies for embedded test that enable the more efficient design and manufacture of complex semiconductors. LogicVision's embedded test solution allows integrated circuit designers to embed into a semiconductor design test functionality that can be used during semiconductor production and throughout the useful life of the chip. For more information on the company and its products, please visit the LogicVision website at www.logicvision.com