SUNNYVALE, Calif.--(BUSINESS WIRE)--April 17, 2004--Monolithic System Technology, Inc. (MoSys), (Nasdaq: MOSY) the industry's leading provider of high density SoC embedded memory solutions today announced that as of the close of business on April 16, 2004, 27,568,891 shares representing 89% of the outstanding shares of MoSys common stock had been tendered pursuant to the Offer to Purchase for Cash All Outstanding Shares of Common Stock of Monolithic System Technology, Inc at $13.50 Per Share by Mountain Acquisition, Inc., a wholly owned subsidiary of Synopsys, Inc. (NASDAQ: SNPS) dated March 22, 2004 (the "Offer"), and that all conditions set forth in Item 13 of the Offer were satisfied prior to expiration of the Offer. Yesterday, after the expiration of the offer, Synopsys delivered a notice of termination of the Agreement and Plan of Merger and Reorganization dated as of February 23, 2004 (the "Merger Agreement") without accepting any of the tendered shares. MoSys does not believe that Synopsys has the right to terminate the Merger Agreement and is prepared to promptly proceed to close the transaction with Synopsys.
Founded in 1991, MoSys (NASDAQ: MOSY), develops, licenses and markets innovative memory technologies for semiconductors. MoSys' patented 1T-SRAM technologies offer a combination of high density, low power consumption, high speed and low cost unmatched by other available memory technologies. The single transistor bit cell used in 1T-SRAM memory results in the technology achieving much higher density than traditional four or six transistor SRAMs while using the same standard logic manufacturing processes. 1T-SRAM technologies also offer the familiar, refresh-free interface and high performance for random address access cycles associated with traditional SRAMs. In addition, these technologies can reduce operating power consumption by a factor of four compared with traditional SRAM technology, contributing to making them ideal for embedding large memories in System on Chip (SoC) designs. MoSys' licensees have shipped more than 50 million chips incorporating 1T-SRAM embedded memory technologies, demonstrating excellent manufacturability in a wide range of silicon processes and applications. MoSys is headquartered at 1020 Stewart Drive, Sunnyvale, California 94085. More information is available on MoSys' website at http://www.mosys.com.
FORWARD LOOKING STATEMENTS
This press release may contain forward-looking statements about the Company including, without limitation, benefits and performance expected from use of the Company's 1T-SRAM technology.
Forward-looking statements are based on certain assumptions and expectations of future events that are subject to risks and uncertainties. Actual results and trends may differ materially from historical results or those projected in any such forward-looking statements depending on a variety of factors. These factors include but are not limited to, customer acceptance of our 1T-SRAM technologies, the timing and nature of customer requests for our services under existing license agreements, the timing of customer acceptance of our work under such agreements, the level of commercial success of licensees' products such as the Nintendo GAMECUBE and cell phone hand sets, ease of manufacturing and yields of devices incorporating our 1T-SRAM, our ability to enhance the 1T-SRAM technology or develop new technologies, the level of intellectual property protection provided by our patents, the vigor and growth of markets served by our licensees and customers, the impact of the Company's recent acquisition of ATMOS Corporation on future operating results and operations of the Company and other risks identified in the Company's most recent annual report on Form 10-K filed with the Securities and Exchange Commission, as well as other reports that MoSys files from time to time with the Securities and Exchange Commission. MoSys undertakes no obligation to update publicly any forward-looking statement for any reason, except as required by law, even as new information becomes available or other events occur in the future.
1T-SRAM(R) is a MoSys trademark registered in the U.S. Patent and Trademark Office. All other trade, product, or service names referenced in this release may be trademarks or registered trademarks of their respective holders.
Mark Voll, 408-731-1846
Beverly Twing, 972-239-5119 x126
SOURCE: Monolithic System Technology, Inc.