Verisity Announces New Senior Vice President and General Manager of the Platform Division; Steve Wang to Succeed Mike Tsai

MOUNTAIN VIEW, Calif., Jul 26, 2004 (BUSINESS WIRE) -- Verisity, Ltd. (Nasdaq:VRST), the leading supplier of verification process automation (VPA) solutions, today announced that Steve Wang, an Axis Systems cofounder and the Axis Merger Integration Executive, has been promoted to Senior Vice President and General Manager of the Platform Division. Dr. Mike Tsai, former CEO of Axis Systems, will be leaving Verisity at the end of July as he has successfully helped to complete the integration process of the two companies.

"We are very pleased to announce the promotion of Steve Wang who will head our Platform Division. Steve is a seasoned veteran in the electronic design automation industry and, coupled with his senior management experience, will enable him to make a strong contribution to the continuing success of the Company," said Moshe Gavrielov, Chief Executive Officer of Verisity. "We also want to thank Mike for his contributions to completing a very successful six month integration process with Axis Systems and wish him ongoing success," added Gavrielov.

Mr. Wang joined Verisity through the company's acquisition of Axis Systems. Mr. Wang was a co-founder of Axis and served as the company's vice president of business development. Prior to Axis, he was General Manager for the HDL division at Zycad Corporation from 1995 to 1996. Previously, Mr. Wang co-founded Precedence, a simulation back-plane company, in 1991 and served as Vice President of Engineering. Precedence was acquired by Mentor Graphics in 1995. Prior to founding Precedence, Mr. Wang was with Sun Microsystems. Mr. Wang was elected to the Boards of Directors of Accellera, an electronics industry organization that drives the standardization of language-based design automation process, and serves as an officer within Accellera. From 1995 to 1997, Mr. Wang served as CFO for EDA Consortium, a trade organization of all EDA companies. Mr. Wang received his Master of Engineering from Cornell University and BSEE from the University of California at Berkeley.

About Verisity

Verisity, Ltd. (Nasdaq:VRST), is the leading supplier of process automation solutions for the functional verification market. The company addresses customers' critical business issues with its market-leading software and intellectual property (IP) that effectively and efficiently verify the design of electronic systems and complex integrated circuits for the communications, computing, and consumer electronics global markets. Verisity's Specman Elite(R) verification process automation solution automates manual processes and detects critical flaws in hardware designs enabling delivery of the highest quality products and accelerating time to market. The company's strong market presence is driven by its proven technology, methodology, and solid strategic partnerships and programs. Verisity's customer list includes leading companies in all strategic technology sectors. Verisity is a global organization with offices throughout Asia, Europe, and North America. Verisity's principal executive offices are located in Mountain View, California, with its principal research and development offices located in Rosh Ha'ain, Israel. For more information, visit www.verisity.com.

Verisity, the Verisity logo and Specman Elite are either registered trademarks or trademarks of Verisity Design, Inc. in the United States and/or other jurisdictions. All other trademarks are the property of their respective holders.

SOURCE: Verisity, Ltd.