OTTAWA, ONTARIO -- May 30, 2008
-- MOSAID Technologies Inc. (TSX:MSD) today announced that it has amended the terms of its normal course issuer bid through the facilities of the Toronto Stock Exchange, commenced September 13, 2007, to increase the number of common shares to be purchased from 559,583 to 1,118,731. The increase is from 5% of MOSAID's outstanding common shares to 10% of the public float of common shares, as of September 13, 2007. The amended issuer bid has been approved by the TSX.
"The Board and Management believe that at current trading levels, buying MOSAID common shares through an issuer bid is an excellent use of the Company's cash reserves that will support and enhance shareholder value," said John Lindgren, President and CEO, MOSAID.
MOSAID is currently in a trading blackout prior to announcing its financial results for the fourth quarter and fiscal year ending April 30, 2008. MOSAID will report its financial results after market close on June 26, 2008 and will consider activity under the issuer bid upon the expiry of its blackout period.
The issuer bid would not extend beyond September 12, 2008. On any given trading day, MOSAID may purchase up to 41,827 shares. Any MOSAID share purchases associated with the issuer bid will be made on the Toronto Stock Exchange and the purchased shares will be cancelled. To date, MOSAID has purchased and cancelled 559,583 common shares under the normal course issuer bid at an average price of $18.45 per common share.About MOSAID
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 technology companies among its licensees. Founded in 1975, MOSAID is based in Ottawa, Ontario. For more information, visit www.mosaid.com