MOSAID Technologies Inc.
TSX : MSD

MOSAID Technologies Inc.

September 22, 2011 13:08 ET

MOSAID Announces Voting Results From 2011 Annual and Special Meeting of Shareholders

OTTAWA, ONTARIO--(Marketwire - Sept. 22, 2011) - MOSAID Technologies Inc. (TSX:MSD) today announced that shareholders voted to approve all of the matters and resolutions brought before the 2011 Annual and Special Meeting of Shareholders, held earlier today in Ottawa.

"It is especially important to note the 90.3% vote in favour of our shareholder rights plan," said Carl Schlachte, Chairman of the Board, MOSAID. "This overwhelming approval reinforces our belief that shareholders can realize substantial value, in excess of Wi-LAN's offer, through the broad range of value enhancing options that MOSAID continues to actively explore."

At the meeting, the majority of the Corporation's shareholders also supported the following:

- the re-election of four directors and election of three new directors, each of whom was nominated by the Corporation;
- the reappointment of the Corporation's auditors;
- the Corporation's approach to executive compensation;
- the proposed amendments to the Corporation's Employee and Director Stock Purchase Plan;
- the proposed amendments to the Corporation's Employee and Director Stock Option Plan; and
- the proposed amendment to the Corporation's articles of incorporation so as to split the Corporation's outstanding shares on a 2:1 basis, which is to be implemented at the Board's sole discretion.

About MOSAID

MOSAID Technologies Inc. is one of the world's leading intellectual property companies. MOSAID licenses patented intellectual property in the areas of semiconductors and communications, and develops semiconductor memory technology. MOSAID counts many of the world's largest technology companies among its licensees. Founded in 1975, MOSAID has offices in Ottawa, Ontario, Plano, Texas and Luxembourg. For more information, please visit www.mosaid.com and http://investorchannel.mosaid.com.

Forward-Looking Information

This document contains forward-looking statements to the extent they relate to MOSAID or its management, including those identified by the expressions "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "will," "would" and similar expressions. Similarly, statements in this document that describe MOSAID's business strategy, outlook, objectives, plans, intentions or goals are also 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; manufacturers and product vendors 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, MOSAID's ability to negotiate settlements with licensees; 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); a change in control or failure to meet a minimum royalty milestone (in each case, pursuant to the terms of the Royalty Participant Agreement) that requires MOSAID to assign the Core Wireless Patents to a third party; 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. Additional information concerning these and other factors can be found beginning on page 30 of MOSAID's Management's Discussion and Analysis for the fiscal year ended April 30, 2011 under the heading "Risks and Uncertainties" and also on page 10 of MOSAID's annual information form for the year ended April 30, 2011, each of which is available on SEDAR at www.sedar.com.

MOSAID disclaims any intention or obligation (except as required by applicable law) to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, or to comment on any analyses, expectations or statements of third parties concerning any forward-looking statements. Investors are cautioned not to place undue reliance on forward-looking statements. No forward-looking statement is a guarantee of future results.

Contact Information

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