OTTAWA, Ontario, Canada - December 18, 2003 - MOSAID Technologies Incorporated (TSX:MSD) today announced its intention to make a normal course issuer bid through the facilities of the Toronto Stock Exchange, subject to regulatory approval. MOSAID intends to purchase up to 200,000 common shares, representing 1.94 percent of the 10,313,690 common shares issued and outstanding as of December 12, 2003. The issuer bid will commence on December 23, 2003 and will not extend beyond December 22, 2004. In no event will MOSAID purchase in any given 30-day period during the course of the bid more than 2 percent of the common shares issued and outstanding as at the commencement of this bid.
Any MOSAID share purchase will be made on the Toronto Stock Exchange at market prices and the purchased shares will be cancelled. MOSAID believes that its strong cash position supports such share repurchases and that any purchases made will be in the best interests of the shareholders. To MOSAID’s knowledge and its officers and directors, after reasonable inquiry, none of the directors, officers or other insiders of MOSAID or any associate of any such persons, or any associate or affiliate of MOSAID currently intends to sell common shares to MOSAID during the course of the issuer bid.
MOSAID purchased 63,000 Common Shares under a Normal Course Issuer Bid between October 9, 2002 and October 8, 2003.
About MOSAID
MOSAID Technologies Incorporated is an independent semiconductor company operating through two divisions:
Founded in 1975, MOSAID is based in Ottawa, Ontario, Canada, with offices in Santa Clara, California; Newcastle upon Tyne, U.K; and Tokyo, Japan. For more information, visit the Company’s web site at www.mosaid.com.
Forward Looking Information
This document may contain forward-looking statements relating to the Company’s operations or to the environment in which the Company operates. Such statements are based on current expectations that are subject to a variety of risks and uncertainties that are difficult to predict and/or beyond MOSAID’s control. Actual results may differ materially from those expressed in any forward-looking statements, due to factors such as customer demand and timing of purchasing decisions, product and business mix, competitive products, pricing pressures as well as general economic and industry conditions. MOSAID assumes no obligation to update these forward-looking statements, or to update the reasons why actual results could differ from those reflected in any forward-looking statements. Additional information identifying risks and uncertainties is contained in other public filings with the Ontario Securities Commission.