Signs Contract Extension with Major Customer; Q1 2008 Bookings to Be Second Highest in Company History
SAN JOSE, Calif. – February 19, 2008 – LogicVision, Inc. (Nasdaq: LGVN), a leading provider of test and yield learning solutions, announced today that it expects its cash, cash equivalents and investments at the end of the first quarter of 2008 to be between $8.0 million and $9.0 million. This is an increase of $2.0 million from the previously announced cash guidance range of $6.0 million to $7.0 million that the Company gave in its January 29, 2008 financial press release. About LogicVision Inc.
The Company increased its cash balance guidance due to the fact that it has recently signed a multi-million dollar extension of its current business contract with one of its most significant fabless customers. The terms of the contract cover LogicVision's primary tools and intellectual property, including ETMemory, ETLogic and Silicon Insight. As a result of the contract, LogicVision also expects the first quarter of 2008 to be the second largest bookings quarter in the Company’s history. Previously, the Company’s second largest bookings quarter was approximately $7.0 million reported in the third quarter of 2005.
LogicVision (NASDAQ: LGVN) provides proprietary technologies for embedded test and yield learning that enable more efficient manufacturing test of complex semiconductors. LogicVision's embedded test solutions allow integrated circuit designers to embed test functionality into a semiconductor design that is used during semiconductor production test and throughout the useful life of the chip. The company's advanced Design for Test (DFT) product line, ETCreate, works together with Silicon Insight applications and Yield Insight to improve profit margins by reducing device field returns and test costs, accelerating silicon bring-up times and shorten both time to market and time to yield. For more information on the company and its products, please visit the LogicVision website at www.logicvision.com