OTTAWA, June 8 /CNW Telbec/ - MOSAID Technologies Inc. (TSX:MSD), today
announced Mr. Normand Paquette and Mr. Barry J. Reiter have been appointed to
the Company's Board of Directors. The Company also announced that
Mr. Thomas I. Csathy, Mr. George J.J. Cwynar and Mr. Theodore E. "Ted"
Galanthay have stepped down from the Board, effective today. In addition, Mr.
Richard D. Boadway will step down from the Board on June 30, 2007.
Mr. Paquette is a well known and respected executive with over 20 years
of experience in senior financial management roles. He was a founding member
of Tundra Semiconductor Corp., joining the company at its inception in 1995
and serving as Chief Financial Officer from 1999 until August 2006. During his
tenure, Mr. Paquette provided strong financial leadership, including
completing Tundra's Initial Public Offering (IPO) in 1999 and closing
follow-on financings. He also played an important role in completing a number
of strategic acquisitions for the company. Prior to joining Tundra, Mr.
Paquette worked for a large public accounting firm. Mr. Paquette is a
Chartered Accountant and holds a Bachelor of Commerce (Honours) degree from
the University of Ottawa. As a MOSAID director, Mr. Paquette will serve on the
Mr. Reiter is a Partner, Corporate, with Bennett Jones LLP, an
internationally recognized Canadian law firm. He is chair of the firm's new
economy practice. Mr. Reiter's practice focuses on corporate finance,
development and governance, particularly of new economy companies. Mr. Reiter
has experience in all aspects of technology law, including the protection of
intellectual property rights, representation of start-up, growth and mature
companies, and mergers and acquisitions. He regularly advises boards,
directors and management on corporate governance issues. An experienced
director, his current board roles include Alliance Atlantis
Communications Inc., Motion Picture Distribution Inc., the SkyPower Group of
Companies, and an Advisory Board role at RBC Technology Ventures Inc. Formerly
a law professor at the Faculty of Law, University of Toronto (1974-1982),
Mr. Reiter has published widely on corporate governance, advisory boards and
other legal issues. He graduated from Osgoode Hall Law School in 1972 and
holds a BCL from Wadham College, Oxford University. As a MOSAID director,
Mr. Reiter will serve on the Corporate Governance and Nominating Committee and
the Human Resources Committee.
"Norm Paquette and Barry Reiter are valuable additions to the Board, and
we are looking forward to their contributions as MOSAID moves forward as an
intellectual property company," said Carl Schlachte, Chairman of the Board,
MOSAID. "Norm earned a reputation as one of the most highly regarded CFO's of
a Canadian technology company, and Barry is widely acknowledged as one of
Canada's foremost experts in corporate governance."
"I would also like to thank the directors who are departing for their
many years of service to MOSAID," said Schlachte. "Our shareholders have been
well served by their experience, insight and dedication."
Mr. Csathy was appointed a director in 1991, and was Chairman of the
Board from 2002 to April 2007. He was MOSAID's longest serving Board member.
Mr. Cwynar, who joined MOSAID in early 1994 as a Senior Vice President,
served as President and CEO from November 1994 to April 2007. He has served as
a director of MOSAID since August 1994.
Mr. Galanthay was elected to the Board in September 2005 and from June to
November 2006, held the position of Acting Senior Vice President Patent
Licensing and General Counsel for MOSAID.
Mr. Boadway joined MOSAID in 1997 as CFO, was appointed to the Board in
2002, and served as Executive Vice President and CFO of the Company from
November 2003 to April 2007.
MOSAID Technologies Inc. is one of the world's leading intellectual
property companies. MOSAID develops semiconductor memory technology, and
licenses patented intellectual property in the areas of semiconductors, and
wired and wireless communications systems. MOSAID counts many of the world's
largest semiconductor companies among its customers. Founded in 1975, MOSAID
is based in Ottawa, Ontario, with an office in Santa Clara, California. For
more information, visit www.mosaid.com.
For further information:
For further information: Investor Inquiries: Michael Salter, Director,
Investor Relations and Corporate Communications, (613) 599-9539 x1205,
email@example.com; Media Inquiries: Colleen McGuire, Communications
Specialist, (613) 599-9539 x1228, firstname.lastname@example.org