SAN JOSE, Calif. – October 14, 2008 – LogicVision, Inc. (NASDAQ: LGVN), a leading provider of semiconductor built-in-self-test (BIST) and diagnostic solutions, today announced that, as part of its expense reduction efforts, three of its executive officers will be leaving the Company and their duties will be assumed by existing employees. The three departing executives are Bruce M. Jaffe, Vice President, Finance and CFO, Farhad Hayat, Vice President, Marketing, and Ronald H. Mabry, Vice President, Field Operations and Application Engineering. About LogicVision Inc.
Mei Song, LogicVision’s controller, has been promoted to Vice President, Finance and CFO and will assume the duties of Mr. Jaffe. Fadi Maamari, LogicVision’s Vice President, Engineering, has been promoted to Chief Operating Officer and will assume the duties of Mr. Hayat. James T. Healy, LogicVision’s President and CEO, will assume the duties of Mr. Mabry.
“Due to market uncertainties and to achieve our goals of profitability and positive cash flows from operations, we concluded that we needed to reduce further our operating expenses,” said James T. Healy, President and CEO. “We are not changing our guidance for the last quarter; and we expect that our cash, cash equivalents and investments will be in the range of $7.0 million. We will provide fourth quarter guidance during our earnings release call at 2:00 P.M. Pacific time on Tuesday, October 21, 2008.”
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