OTTAWA, ONTARIO -- Jan. 23, 2009
-- MOSAID Technologies Inc. (TSX:MSD) today issued the following statement in regards to the announcement that Qimonda AG (Qimonda) has filed a petition in Munich, Germany, to open insolvency proceedings as part of an ongoing restructuring program.MOSAID statement on Qimonda
As previously stated, MOSAID has mitigated a portion of the credit risk associated with Qimonda through the use of third-party credit insurance. Specifically, MOSAID purchased credit insurance that, in the event of payment default, insures MOSAID for four quarterly payments at 90%. At present, Qimonda is not in default of its payment obligations to MOSAID, and the Company continues to monitor the situation.
MOSAID is maintaining its guidance for revenue and pro forma income for both the third quarter of fiscal 2009 and for the full fiscal year.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