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LogicVision Board of Directors Responds to Unsolicited Proposal From Virage Logic Corporation
SAN JOSE, Calif. – December 16, 2008 – LogicVision, Inc. (NASDAQ: LGVN), a leading provider of semiconductor built-in-self-test (BIST) and diagnostic solutions, today announced that its Board of Directors has reviewed and carefully considered the December 2, 2008, unsolicited proposal from Virage Logic Corporation (NASDAQ: VIRL) with the assistance of its financial advisor, Needham & Company, LLC, and its legal advisor, Pillsbury Winthrop Shaw Pittman LLP, and unanimously determined that the proposal of $1.05 per share of common stock is inadequate and is not in the best interests of LogicVision’s stockholders.
Jim Healy, LogicVision’s President and Chief Executive Officer, commented, “LogicVision’s Board and management are committed to enhancing shareholder value.”
LogicVision’s Board will continue to work with Needham & Company to consider strategic alternatives.
LogicVision (NASDAQ: LGVN) provides proprietary technologies for achieving the highest quality silicon manufacturing test while reducing test costs for complex System-on-Chip devices. LogicVision's Dragonfly Test Platform™ enables integrated circuit designers to embed test functionality into a semiconductor design that is used during semiconductor production test and throughout the useful life of the chip. Dragonfly Test Platform, with ETCreate™, Silicon Insight™ and Yield Insight™ product families, improves profit margins by reducing device field returns and test costs, accelerating silicon bring-up times and shortening both time-to-market and time-to-yield. For more information on the company and its products, please visit the LogicVision website at www.logicvision.com.
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