FREMONT, Calif., May 14, 2009
-- Virage Logic Corporation (NASDAQ:VIRL) ("Virage Logic" or the "Company") announced today that its board of directors has authorized the extension of the expiration date of the 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 December 2010. Since the inception of the plan in May 2008, Virage Logic has repurchased 890,000 shares for a total of $5.1M. $14.9 million remains for stock repurchases under the original $20 million plan. The Company intends to use available cash to effect any stock repurchases. At March 31, 2009, the Company's balance sheet reflected cash and investments totaling $60.4 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. The repurchases 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
Virage Logic is a leading provider of semiconductor intellectual property (IP) for the design of complex integrated circuits. The company's highly differentiated product portfolio includes embedded SRAMs, embedded NVMs, embedded memory test and repair, logic libraries, memory development software, and interface IP solutions. As the industry's trusted semiconductor IP partner, foundries, IDMs and fabless customers rely on Virage Logic to achieve higher performance, lower power, higher density and optimal yield, as well as shorten time-to-market and time-to-volume. For further information, visit www.viragelogic.com