MOSAID Technologies' Shareholders Approve Acquisition by Sterling Partners

OTTAWA, Ontario - December 19, 2011 - MOSAID Technologies Inc. (TSX:MSD) announced today that MOSAID's shareholders have voted to approve the previously announced statutory arrangement pursuant to which 7577796 Canada Inc., a corporation directly or indirectly owned by investment funds under the management of Sterling Fund Management, LLC, will acquire all the outstanding common shares of MOSAID for a cash payment of $46.00 per share. The total value of the transaction is approximately $590 million.

The arrangement was approved at a special meeting of MOSAID shareholders held on December 19, 2011 by approximately 99.95% of the votes cast, which vote included a majority of the votes cast excluding any votes required to be excluded pursuant to applicable securities laws. This approval satisfies the condition that the arrangement be approved by MOSAID shareholders.

A final order approving the arrangement will be sought from the Ontario Superior Court of Justice at a hearing to be held on or about December 22, 2011. Assuming this final order is received and all other conditions precedent to closing the arrangement are satisfied or waived at the time, the arrangement is currently expected to close on or about December 23, 2011.

MOSAID also announced that it has received notice of early termination of the waiting period under the U.S. Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and has received a no action letter from the Canadian Commissioner of Competition confirming that the Commissioner does not at this time intend to make an application to challenge the proposed arrangement. Accordingly, the competition approval condition to the arrangement has been satisfied.

About MOSAID

MOSAID Technologies Inc. is one of the world's leading intellectual property management companies. MOSAID monetizes 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

About Sterling Partners

Sterling Partners is a leading private equity firm with over 25 years of experience partnering with entrepreneurs to build market-leading businesses. With approximately $5 billion of assets under management, Sterling Partners invests growth capital in industries with positive, long-term trends and provides ongoing support to management through a dedicated team of industry veterans, operators, strategy experts and human capital professionals. Sterling Partners is a leader in education, healthcare and business services and has offices in Chicago, Baltimore, and Miami.

For more information, please visit www.sterlingpartners.com