MOSAID Technologies Inc.
TSX : MSD

MOSAID Technologies Inc.

April 13, 2010 08:30 ET

MOSAID Announces Change to Board of Directors

OTTAWA, ONTARIO--(Marketwire - April 13, 2010) - MOSAID Technologies Inc. (TSX:MSD) today announced that Gideon King, Executive Vice President of Loeb Capital Management, has stepped down from the Company's Board of Directors. Mr. King was elected as a Director of the Company in September 2006. He served as a member of the Special Committee and the Corporate Governance and Nominating Committee. 

"Gideon King brought a valuable perspective to MOSAID's Board as a seasoned executive with a well recognized investment firm, who is known for advocating strongly on behalf of shareholders," said Carl Schlachte, Chairman of the Board, MOSAID. "He worked hard to ensure the success of MOSAID's new direction as a patent licensing and innovation company that is focused on creating shareholder value. We thank Gideon for his many contributions, and we will miss his insight."

Today MOSAID is known as Canada's leading patent licensing company. Over the last three years, the Company's patent portfolio has jumped 165% to 1,915 patents and applications, and it has signed 27 patent licensing agreements, compared to 15 licenses signed between 1999 and 2006. Since the beginning of fiscal 2007, MOSAID has returned $68.8 million to shareholders, and has maintained a quarterly dividend of $0.25 per share since July 2006. 

"I leave the Board genuinely confident in Management and the future of MOSAID," said King. "I am more than pleased that the Company has emerged from a period of change as a streamlined business that is generating strong cash flow, that is driven by an excellent CEO and his team, and that will continue to be guided by a Board that truly cares about doing what is best for owners. I have enjoyed being part of MOSAID's successful transition, and am resigning in order to devote as much time as possible to managing the operations of Loeb Capital Management."

About MOSAID

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 telecommunications systems. MOSAID counts many of the world's largest technology companies among its licensees. Founded in 1975, MOSAID is based in Ottawa, Ontario. 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; and the timing and amount of MOSAID's Research & Development expenses.

Factors that could cause actual results to differ materially from expected results include, but are not limited to, the following: MOSAID's ability to negotiate settlements with licensees; legal rulings and/or regulatory investigations, audits or complaints having an adverse impact on the validity, enforceability, royalty rates, 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; worldwide economic conditions and demand for technology products; economic, social, and political conditions both globally and in the countries in which MOSAID or patent licensees operate, including conflict, war and, other security risks, health conditions, possible disruptions in transportation networks and fluctuations in foreign currency exchange rates; non-payment or delays in payment by or insolvency of licensees or other debtors; 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 R&D 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; consolidation of MOSAID's licensees; natural events, such as severe weather and earthquakes in the locations in which MOSAID or patent licensees operate; and 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.

Except as may be required by applicable law or stock exchange regulation, we undertake no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events. 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.

Contact Information

  • Michael Salter
    Director, Investor Relations and Corporate Communications
    613-599-9539 x1205
    salter@mosaid.com