OTTAWA, Ontario – June 8, 2007 - MOSAID Technologies Inc. (TSX:MSD), today announced Mr. Normand Paquette and Mr. Barry J. Reiter have been appointed to the Company's Board of Directors. The Company also announced that Mr. Thomas I. Csathy, Mr. George J.J. Cwynar and Mr. Theodore E. "Ted" Galanthay have stepped down from the Board, effective today. In addition, Mr. Richard D. Boadway will step down from the Board on June 30, 2007.
Mr. Paquette is a well known and respected executive with over 20 years of experience in senior financial management roles. He was a founding member of Tundra Semiconductor Corp., joining the company at its inception in 1995 and serving as Chief Financial Officer from 1999 until August 2006. During his tenure, Mr. Paquette provided strong financial leadership, including completing Tundra's Initial Public Offering (IPO) in 1999 and closing follow-on financings. He also played an important role in completing a number of strategic acquisitions for the company. Prior to joining Tundra, Mr. Paquette worked for a large public accounting firm. Mr. Paquette is a Chartered Accountant and holds a Bachelor of Commerce (Honours) degree from the University of Ottawa. As a MOSAID director, Mr. Paquette will serve on the Audit Committee.
Mr. Reiter is a Partner, Corporate, with Bennett Jones LLP, an internationally recognized Canadian law firm. He is chair of the firm's new economy practice. Mr. Reiter's practice focuses on corporate finance, development and governance, particularly of new economy companies. Mr. Reiter has experience in all aspects of technology law, including the protection of intellectual property rights, representation of start-up, growth and mature companies, and mergers and acquisitions. He regularly advises boards, directors and management on corporate governance issues. An experienced director, his current board roles include Alliance Atlantis Communications Inc., Motion Picture Distribution Inc., the SkyPower Group of Companies, and an Advisory Board role at RBC Technology Ventures Inc. Formerly a law professor at the Faculty of Law, University of Toronto (1974-1982), Mr. Reiter has published widely on corporate governance, advisory boards and other legal issues. He graduated from Osgoode Hall Law School in 1972 and holds a BCL from Wadham College, Oxford University. As a MOSAID director, Mr. Reiter will serve on the Corporate Governance and Nominating Committee and the Human Resources Committee.
"Norm Paquette and Barry Reiter are valuable additions to the Board, and we are looking forward to their contributions as MOSAID moves forward as an intellectual property company," said Carl Schlachte, Chairman of the Board, MOSAID. "Norm earned a reputation as one of the most highly regarded CFO's of a Canadian technology company, and Barry is widely acknowledged as one of Canada's foremost experts in corporate governance."
"I would also like to thank the directors who are departing for their many years of service to MOSAID," said Schlachte. "Our shareholders have been well served by their experience, insight and dedication."
Mr. Csathy was appointed a director in 1991, and was Chairman of the Board from 2002 to April 2007. He was MOSAID's longest serving Board member.
Mr. Cwynar, who joined MOSAID in early 1994 as a Senior Vice President, served as President and CEO from November 1994 to April 2007. He has served as a director of MOSAID since August 1994.
Mr. Galanthay was elected to the Board in September 2005 and from June to November 2006, held the position of Acting Senior Vice President Patent Licensing and General Counsel for MOSAID.
Mr. Boadway joined MOSAID in 1997 as CFO, was appointed to the Board in 2002, and served as Executive Vice President and CFO of the Company from November 2003 to April 2007.
MOSAID Technologies Inc. is one of the world's leading intellectual property companies. MOSAID develops semiconductor memory technology, and licenses patented intellectual property in the areas of semiconductors, and wired and wireless communications systems. MOSAID counts many of the world's largest semiconductor companies among its customers. Founded in 1975, MOSAID is based in Ottawa, Ontario, with an office in Santa Clara, California. For more information, visit www.mosaid.com.