FREMONT, Calif.--(BUSINESS WIRE)--Jan. 7, 2005 -- Virage Logic Corp. (Nasdaq:VIRL), a leading provider of semiconductor IP platforms, today announced that company co-founders, Adam Kablanian, president and chief executive officer, and Alexander Shubat, vice president of research and development and chief technology officer, have adopted new stock trading plans under Securities and Exchange Commission (SEC) Rule 10b5-1.
Mr. Kablanian's new stock trading plan, which is in effect for a one-year period ending on December 10, 2005, provides for sales during the term of the plan of up to 360,000 shares, subject to predetermined price and volume limits, but not more than 20,000 shares in any trading day. Sales transactions are also subject to the restrictions and filing requirements mandated by SEC Rule 144. As of December 31, 2004, Kablanian held approximately 3.8 million shares of Virage Logic common stock.
Mr. Shubat's new stock trading plan, which is also in effect for a one-year period ending on December 10, 2005, provides for sales during the term of the plan of up to 240,000 shares, subject to predetermined price and volume limits, but not more than 20,000 shares in any trading day. Sales transactions are also subject to the restrictions and filing requirements mandated by SEC Rule 144. As of December 31, 2004, Shubat held approximately 1.9 million shares of Virage Logic common stock.
Rule 10b5-1 allows corporate officers not in possession of material, non-public information to adopt written, pre-arranged stock trading plans. Under these plans, insiders are able to diversify their portfolios through sales pursuant to a binding contract with predetermined trading parameters that prohibit their exercise of any subsequent influence over how, when or whether to execute sales transactions made under the plan.
About Virage Logic
Founded in 1996, Virage Logic Corporation (Nasdaq:VIRL) quickly established itself as a technology and market leader in providing advanced embedded memory intellectual property (IP) for the design of complex integrated circuits. Virage Logic has evolved to become a global leader in semiconductor IP platforms comprising embedded memory, standard cells, and I/Os primarily for the consumer, communications and networking, handheld and portable, and computer and graphics markets. Virage Logic's highly differentiated product portfolio provides foundries, integrated device manufacturers (IDMs) and fabless customers with key competitive advantages including higher performance, lower power, higher density and optimized yield. The company's comprehensive quality efforts are validated in its FirstPass-Silicon Characterization Lab which is designed to ensure high quality, reliable IP across a wide range of foundries and process technologies. Headquartered in Fremont, California, Virage Logic has R&D, sales and support offices worldwide. For more information, visit www.viragelogic.com.
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 products and customers. 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 continue to develop new products, Virage Logic's ability to avoid problems related to design or manufacturing of products incorporating its products and other risks including those described in the company's Annual Report on Form 10-K for the period ended September 30, 2004, and in Virage Logic's other periodic reports filed with the SEC, all of which are available from Virage Logic's website (www.viragelogic.com) 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.