New Appointments to Help Lead Company to Next Phase of GrowthFREMONT, Calif., Aug. 5, 2003
– Virage Logic Corporation (Nasdaq:VIRL), a leading provider of best-in-class semiconductor IP platforms, today announced that Dan McCranie and Robert (Bob) H. Smith have joined its board of directors. McCranie joins as chairman and Smith joins as a board member. The company’s previous chairman, Adam Kablanian, remains on the board and continues to serve as Virage Logic’s president and CEO. With the new appointments, the company currently has seven directors.
“Dan and Robert bring an incredible depth of not only industry knowledge, but broad operations management expertise to our board,” said Adam Kablanian, president and CEO, Virage Logic. “Their insights and experience will prove invaluable as we continue to execute on our semiconductor IP platform strategy and take the company to its next phase of growth.”
According to McCranie, “As the market moves to increasingly complex technologies such as 90-namometer, more and more fabless and independent device manufacturers (IDMs) are outsourcing their IP. Virage Logic is well positioned in an embryonic market that is experiencing double digit growth and I look forward to contributing to the company’s growth in that market.”
Smith added, “Long known as a leader in embedded memories, Virage Logic’s recently expanded product portfolio of semiconductor IP provides customers with a proven, single-source for memory and logic IP and positions the company for long term growth. I am pleased to join a board that embodies not only innovation, but the leadership required to manage a company through one of the industry’s toughest economic downturns.” Dan McCranie
McCranie is a 30-year veteran of the semiconductor and communications industries. Currently, McCranie serves as chairman of the board for ON Semiconductor, a provider of power and data management semiconductors and standard semiconductor components, and Xicor, a manufacturer of programmable mixed-signal semiconductors. He also holds a directorship with ASAT Holdings Limited, a provider of packaged assembly and test services to the semiconductor industry.
Most recently, McCranie served as vice president of sales and marketing for Cypress Semiconductor. Previously, McCranie was the chairman, CEO and president of SEEQ Technology, a supplier of mixed-signal data communications products. Leading up to his tenure at SEEQ, McCranie held positions of increasing responsibility in management, engineering and sales and marketing at Harris Corporation, Advanced Micro Devices, American Microsystems and Philips Corporation.Robert H. Smith
Currently, Smith serves on the boards of Cirrus Logic, Inc., a supplier of high-performance analog, mixed-signal and digital processing solutions for consumer entertainment electronics, automotive entertainment and industrial product applications, PLX Technology, a supplier of standard I/O interconnect silicon to the communications, server, storage and embedded-control industries, and Epicor, a provider of integrated enterprise software solutions for midmarket companies.
From the onset of his career at Honeywell, Inc., Smith has held a number of executive positions in operations, finance and administration with such companies as Memorex Corporation, Control Data Corporation, R. R. Donnelley & Sons Company, Maxwell Graphics, and Novellus Systems, Inc. Smith also served on the board of directors for Novellus until his retirement as chief financial officer in 2002. About Virage Logic
Virage Logic Corporation (Nasdaq:VIRL) is a leading provider of best-in-class semiconductor IP platforms based on memory, logic, I/Os, and IP development tools that are silicon-proven and production ready. Virage Logic meets market demands for cost reduction, while improving performance and reliability for fabless and integrated device manufacturer (IDM) companies focused on the consumer, communications and networking, handheld and portable, and computer and graphics markets. Virage Logic is headquartered in Fremont, California and has sales and support offices worldwide. For more information, visit www.viragelogic.com
or call (877) 360-6690 toll free or (510) 360-8000.
###Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
Statements made in this news release, other than statements of historical fact, are forward-looking statements, including, for example, statements relating to trends, business outlook, products, and customer relationships. Forward-looking statements are subject to a number of known and unknown risks and uncertainties, which might cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties include Virage Logic’s ability to forecast its business, including its revenue outlook; Virage Logic’s ability to execute on its strategy to become a provider of semiconductor IP platforms; Virage Logic’s ability to continue to develop new products and maintain and develop new relationships with third-party foundries and integrated device manufacturers; adoption of Virage Logic’s technologies by semiconductor companies and increases in the demand for their products; the company’s ability to overcome the challenges associated with establishing licensing relationships with semiconductor companies; the company’s ability to obtain royalty revenues from customers in addition to license fees, to receive accurate information necessary for calculating royalty revenues and to collect royalty revenues from customers; business and economic conditions generally and in the semiconductor industry in particular; competition in the market for semiconductor IP platforms; and other risks including those described in the company’s Annual Report on Form 10-K for the period ended September 30, 2002, filed with the Securities and Exchange Commission (SEC) on December 16, 2002, and in Virage Logic’s other periodic reports filed with the SEC, all of which are available from Virage Logic or from the SEC’s website (www.sec.gov), and in news releases and other communications. Virage Logic disclaims any intention or duty to update any forward-looking statements made in this news release.
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