SUNNYVALE, Calif.--(BUSINESS WIRE)--April 29, 2004 -- A Delaware Chancery Court today decided to proceed on an expedited basis with the lawsuit filed by Monolithic System Technology, Inc., ("MoSys") (Nasdaq:MOSY) against Synopsys, Inc. (Nasdaq:SNPS), as requested by the companies. The lawsuit, filed by MoSys on April 23, 2004, seeks to compel Synopsys to complete a merger agreement the defendant signed on Feb. 23, 2004.
"We are pleased that this case will proceed quickly," said Fu-Chieh Hsu, Chairman and CEO of MoSys. "All of the reasons that favored this merger before Synopsys abruptly breached our agreement still exist, and we hope this will clear the air on any outstanding issues so that we can complete the transaction."
Dr. Hsu said that the only appropriate remedy for the damage caused to MoSys and its shareholders is for Synopsys to complete the transaction, pursuant to the companies' merger agreement. MoSys said it had no choice but to ask the court to compel Synopsys to honor the agreement.
The MoSys lawsuit says that Synopsys terminated the agreement even though all terms and conditions had been met and 89 percent of outstanding MoSys shares had been properly tendered to Synopsys.
The court today scheduled the trial for July 6 to 13. The trial will focus exclusively on whether MoSys can compel Synopsys to complete the merger. The court also agreed to the companies' request not to consider damages at this time, therefore allowing for a quicker decision on the status of the merger.
"We hope that Synopsys recognizes its legal obligations under the agreement they signed so that we may close a merger that is in the best interests of our shareholders, customers and employees," Dr. Hsu said.
Founded in 1991, MoSys (Nasdaq:MOSY), develops, licenses and markets innovative memory technologies for semiconductors. MoSys' patented 1T-SRAM technologies offer a combination of high density, low power consumption, high speed and low cost unmatched by other available memory technologies. The single transistor bit cell used in 1T-SRAM memory results in the technology achieving much higher density than traditional four or six transistor SRAMs while using the same standard logic manufacturing processes. 1T-SRAM technologies also offer the familiar, refresh-free interface and high performance for random address access cycles associated with traditional SRAMs. In addition, these technologies can reduce operating power consumption by a factor of four compared with traditional SRAM technology, contributing to making them ideal for embedding large memories in System on Chip (SoC) designs. MoSys' licensees have shipped more than 50 million chips incorporating 1T-SRAM embedded memory technologies, demonstrating excellent manufacturability in a wide range of silicon processes and applications. MoSys is headquartered at 1020 Stewart Drive, Sunnyvale, Calif., 94085. More information is available on MoSys' website at http://www.mosys.com.
This press release may contain forward-looking statements about the Company including, without limitation, benefits and performance expected from use of the Company's 1T-SRAM technology.
Forward-looking statements are based on certain assumptions and expectations of future events that are subject to risks and uncertainties. Actual results and trends may differ materially from historical results or those projected in any such forward-looking statements depending on a variety of factors. These factors include, but are not limited to, customer acceptance of our 1T-SRAM technologies, the timing and nature of customer requests for our services under existing license agreements, the timing of customer acceptance of our work under such agreements, the level of commercial success of licensees' products such as the Nintendo GAMECUBE and cell phone hand sets, ease of manufacturing and yields of devices incorporating our 1T-SRAM, our ability to enhance the 1T-SRAM technology or develop new technologies, the level of intellectual property protection provided by our patents, the vigor and growth of markets served by our licensees and customers, the impact of the Company's recent acquisition of ATMOS Corporation on future operating results and operations of the Company and other risks identified in the Company's most recent annual report on Form 10-K filed with the Securities and Exchange Commission, as well as other reports that MoSys files from time to time with the Securities and Exchange Commission. MoSys undertakes no obligation to update publicly any forward-looking statement for any reason, except as required by law, even as new information becomes available or other events occur in the future.
1T-SRAM(R) is a MoSys trademark registered in the U.S. Patent and Trademark Office. All other trade, product, or service names referenced in this release may be trademarks or registered trademarks of their respective holders.
SOURCE: Monolithic System Technology, Inc.