FREMONT, Calif. -- May 06, 2008 -- Virage Logic Corporation announced today that its board of directors has authorized a stock repurchase program under which the Company has the option to repurchase up to $20,000,000 in market value of the Company's common stock through May 2009. The Company intends to use available cash to effect any stock repurchases. At March 31, 2008, the Company's balance sheet reflected cash and investments totaling $76.4 million.
The Company's stock trades on the Nasdaq Global Market. It plans to make purchases from time to time in the open market or through privately negotiated transactions. The number, price and timing of the repurchases, which may include, without limitation round lot or block transactions, will be at the Company's sole discretion and may be re-evaluated depending on market conditions, liquidity needs or other factors. The Company's board of directors may suspend, terminate, modify or cancel the program at any time without notice.
About Virage Logic
Founded in 1996, Virage Logic Corporation rapidly established itself as a technology and market leader in providing advanced embedded memory intellectual property (IP) for the design of complex integrated circuits. The company's Silicon Aware IP(TM) offering (embedded memories, logic libraries and I/Os) includes silicon behavior knowledge for increased predictability and manufacturability. Through its recent acquisition of Ingot Systems, the company has expanded its product offering to include Application Specific IP (ASIP) solutions such as Double Data Rate (DDR) Memory Controllers and design services. The highly differentiated product portfolio provides higher performance, lower power, higher density and optimal yield to foundries, integrated device manufacturers (IDMs) and fabless customers. The company uses its FirstPass-Silicon Characterization Lab(TM) for certain products to help ensure high quality, reliable IP across a wide range of foundries and process technologies. For more information, visit www.viragelogic.com.