OTTAWA, April 9 /CNW Telbec/ - MOSAID Technologies Incorporated (TSX:MSD)
today announced the appointment of John C. Lindgren as the Company's new
President and Chief Executive Officer, effective immediately. Mr. Lindgren
succeeds George Cwynar, who has served as MOSAID's President and CEO since
MOSAID also announced the appointment of Carl Schlachte, President and
CEO of ARC International (LSE:ARK), as Chairman of the Board of Directors,
effective immediately. Mr. Schlachte succeeds Thomas I. Csathy, who has served
on MOSAID's board for 16 years. Mr. Csathy was appointed Vice Chairman of the
Board in 1992 and has served as Chairman since 2002.
Richard D. Boadway, Chief Financial Officer since 1997 and Executive Vice
President since 2003, will also be leaving the Company, following the orderly
transfer of his responsibilities.
Mr. Cwynar, Mr. Csathy, and Mr. Boadway will also continue to serve as
Directors on MOSAID's board during a transition period.
"Mr. Lindgren is an internationally experienced executive with a track
record of success in semiconductor patent licensing and litigation," said
Mr. Schlachte. "Since joining MOSAID in November 2006 as Senior Vice President
Patent Licensing, General Counsel and Corporate Secretary after a 20-year
career with Texas Instruments, John has demonstrated the leadership qualities
that are required to take MOSAID forward as a focused intellectual property
Mr. Lindgren was heavily involved in patent licensing for the majority of
his career at Texas Instruments. He was also responsible for company-wide
legal support for the Asia Pacific region and served as Senior Regional
Counsel for Texas Instruments Japan in Tokyo for two years. Prior to that, as
a key member of TI's patent cross-licensing team, Mr. Lindgren helped drive
the licensing strategy that resulted in the collection of over US$2 billion in
MOSAID also announced today that the Company and its investment bankers
are continuing the strategic review of its Semiconductor IP product business,
which designs and licenses semiconductor IP circuit blocks. The alternatives
under consideration include a potential sale of this business.
"I look forward to communicating with MOSAID's shareholders as we embark
on this new phase in the Company's growth," said Mr. Lindgren. "By focusing on
our core patent licensing competencies, I believe we can execute more
efficiently and achieve greater shareholder value. We will also continue our
ongoing review of MOSAID's strategic alternatives."
MOSAID's board expresses its sincere appreciation for the many years of
inspired and dedicated leadership given by Messrs. Cwynar, Boadway and Csathy.
During their tenure, these three executives developed MOSAID into an
internationally recognized and highly profitable intellectual property
development and licensing company.
Mr. Cwynar, one of Canada's longest serving technology executives, joined
MOSAID 13 years ago and guided its transition from a semiconductor memory
design house and tester manufacturing operation into the intellectual property
company it is today. Mr. Csathy, who was named a Director in 1991, led MOSAID
through a formative phase that included its initial public offering in 1993
and continually set and maintained high corporate governance standards.
Mr. Boadway, a key member of the executive team since joining the Company as
CFO in 1997, has provided a very high standard of financial stewardship and
was instrumental in leading MOSAID through the technology downturn in 2001 and
during its re-emergence as a growth-oriented company.
MOSAID Technologies Incorporated makes semiconductors better through the
development and licensing of intellectual property. 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.
Forward Looking Information
This document and certain other public documents incorporated by
reference in this document, contain forward-looking statements to the extent
they relate to MOSAID or its management, including those identified by the
expressions "anticipate," "believe," "foresee," "estimate," "expect,"
"intend," "could," "may,", "plan," "will," "would" and similar expressions.
Similarly, statements in this document that describe MOSAID's business
strategy, outlook, objectives, plans, intentions or goals also are
forward-looking statements. These forward-looking statements are not
historical facts, but rather reflect MOSAID's current expectations regarding
future events. These forward-looking statements are subject to a number of
risks and uncertainties that could cause actual results, performance or
achievements to differ materially from those in such forward-looking
statements. Assumptions made in preparing forward-looking statements and
financial guidance include, but are not limited to, the following: MOSAID's
continued expansion of its patent portfolio and of its opportunities for
future patent licensing revenue as a result of MOSAID's acquisition of patents
from third parties and from development of new inventions; DRAM manufacturers
continuing to infringe MOSAID's patents; the timing and amount of MOSAID's
litigation expenses; MOSAID's ability to sign new patent licensees; current
assumptions as to the identification of products that are unlicensed to
MOSAID's wireless patents; the value proposition associated with MOSAID's
products relative to its competition in the market; the timing and amount of
MOSAID's Research & Development expenses; the timing of MOSAID's new product
introductions; MOSAID's ability to develop, manufacture, and market innovative
products in a rapidly changing technological environment; and MOSAID's ability
to maintain and enhance existing customer relationships.
Factors that could cause actual results to differ materially from
expected results include, but are not limited to, the following: declines or
unexpected variations in market growth rates for MOSAID's products; the extent
of embedded DRAM proliferation in the System-on-a-Chip markets; variability in
customer deployment schedules from quarter to quarter; shifts in the mix of
MOSAID products sold; legal rulings and/or regulatory investigations or
complaints having an adverse impact on the validity, enforceability, potential
royalty rates, and strength or breadth of coverage of MOSAID's essential
and/or nonessential patents (including, but not limited to, adverse results
from litigation or proceedings in patent offices and government regulatory
agencies in various countries around the world); judicial, legislative or
regulatory changes that impair the ability of patent holders to earn licensing
revenues; economic, social, and political conditions in the countries in which
MOSAID, its customers, suppliers, or patent licensees operate, including
security risks, health conditions, possible disruptions in transportation
networks and fluctuations in foreign currency exchange rates; non-payment or
delays in payment by customers/licensees; variability in patent licensees'
sales of licensed products, failure to maintain and enforce MOSAID's existing
patent portfolio, or failure to obtain valuable patents as a result of
research and development activities, or failure to acquire valuable patents
from third parties; MOSAID's ability to recruit and retain skilled personnel;
change in MOSAID's financial position; obsolescence of products or
inappropriate targeting to markets that fail to materialize; inability to
transition to new technologies to meet customer demand; variations in average
sales cycles; key component supply restrictions and/or cost increases;
critical industry transitions; consolidation of MOSAID's customers and/or
licensees; natural events, such as severe weather and earthquakes in the
locations in which MOSAID, its customers, suppliers, or patent licensees
operate; changes in the tax rate applicable to MOSAID as the result of changes
in the tax law in the jurisdictions in which profits are determined to be
earned and taxed, the outcome of tax audits and the ability to realize
deferred tax assets; and adverse impacts of the current strategic alternatives
initiative on customer relationships, employee morale, or management's
capacity to focus on business execution.
MOSAID assumes no obligation to update or revise any forward-looking
statements. Additional information identifying risks and uncertainties
affecting MOSAID's business and other factors that could cause MOSAID's
financial results to fluctuate are contained in MOSAID's Annual Information
Form, under the section entitled "Risk Factors," and in MOSAID's other public
filings available online at www.sedar.com.
For further information:
For further information: Investor Inquiries: Michael Salter, Director,
Corporate Communications, (613) 599-9539 x1205, firstname.lastname@example.org; Media
Inquiries: Colleen McGuire, Communications Specialist, (613) 599-9539 x1228,