| Aspec Contact: | Investor Relations Contact: | |
| Christopher Williams | Erica Mannion (Investor Relations) | |
| Aspec Technology | Peter Delauzon (Media Relations) | |
| (408) 328-9653 | Morgen-Walke Associates, Inc. | |
| (415) 296-7383 | ||
Aspec Technology Announces The Signing of a Definitive Agreement to Sell Its System IP Business
Sunnyvale, CA - February 24, 2000 - Aspec Technology, Inc. (Nasdaq:ASPC), a provider of advanced software solutions which dramatically increase design productivity, today announced that it has signed a definitive agreement for the sale of its System Intellectual Property Business consisting of the Company?s library business unit and design centers located in Sunnyvale, California and Longmont, Colorado. The agreement is subject to approval by the Board of Directors and will be closed in phases over the next 40 days. The purchase price is subject to adjustment at closing and the financial terms of the sale will be disclosed at that time.
"The sale of the Company?s System Intellectual Property Business marks an important step in the transformation of Aspec Technology into a provider of Internet-based, business-to-business, content management applications," said Mike Carroll, President and CEO, of Aspec Technology.
About Aspec Technology
Aspec Technology, Inc. (Nasdaq: ASPC) is a provider of advanced software solutions, which dramatically increase design productivity. Aspec's Inbox Software provides Internet-based, business-to-business, content management software solutions, which shorten time-to-market by managing product content and the business processes required to deliver and maintain content throughout the product lifecycle -- from concept to end-of-life. Aspec is located at 830 East Arques Avenue, Sunnyvale, CA 94086. More information is available at www.aspec.com.
This news release contains forward looking statements related to Aspec which are based on current expectations that includes statements regarding the Company?s future expectations, beliefs, hopes, intentions, and strategies. These forward-looking statements may involve substantial risks and uncertainties. Actual results and developments therefore may differ materially from those described in this release. For more information about Aspec and risks arising when investing in Aspec, you are directed to Aspec's most recent reports on Form 10-Q and registration statement on Form S-1 as filed with the United States Securities and Exchange Commission.