LogicVision Announces Reverse Stock Split
03 Marzo 2008 - 10:05PM
PR Newswire (US)
SAN JOSE, Calif., March 3 /PRNewswire-FirstCall/ -- LogicVision,
Inc. (NASDAQ:LGVN), a leading provider of test and yield learning
solutions, today announced that its Board of Directors has approved
a reverse split of LogicVision's common stock at a ratio of
1-for-2.5 shares, to take effect on March 12, 2008. "We firmly
believe in the market potential of our products and the opportunity
ahead of us," said James T. Healy, president and CEO of
LogicVision. "We believe the market trends and product line-up are
all in place, and we expect 2008 to be a successful year. In our
February 19, 2008 press release we announced that we had signed a
multi-million dollar extension of our current business contract
with one of our significant fabless customers and that we expect
the first quarter of 2008 to be the second largest bookings quarter
in the Company's history. Looking ahead, our 2008 financial goals
include recording solid year-over-year revenue growth, as well as
achieving positive cash flow and profitability." At its special
meeting of stockholders held on February 28, 2008, LogicVision's
stockholders approved a proposal authorizing LogicVision's Board of
Directors to effect a reverse stock split of the Company's common
stock, at a ratio within the range of not less than one-for-two and
not more than one- for-five, at any time prior to the Company's
2008 Annual Meeting of Stockholders. Following the special meeting,
LogicVision's Board of Directors approved the reverse stock split
on the basis of one share of post-split common stock for each
currently outstanding 2.5 shares of pre-split common stock. The
reverse stock split will be effective at 8:00 a.m., Eastern Time,
on March 12, 2008. LogicVision's common stock will begin trading at
that time on a reverse split basis under the symbol "LGVND" for a
period of 20 trading days. Thereafter, it will resume trading under
the Company's original symbol "LGVN." The reverse stock split will
reduce the number of outstanding shares of LogicVision's common
stock from approximately 24 million shares to approximately 9.7
million shares. No fractional shares will be issued in connection
with the reverse stock split. Cash will be issued in lieu of
fractional shares. The exercise price and the number of shares of
common stock issuable under the Company's outstanding warrants and
options will be proportionately adjusted to reflect the reverse
stock split. The number of shares issuable under the Company's
equity incentive plans will be proportionately reduced to reflect
the reverse stock split. Additional information about the reverse
stock split is available in LogicVision's definitive proxy
statement filed with the Securities and Exchange Commission on
January 22, 2008. Existing stockholders holding LogicVision common
stock certificates will receive a Letter of Transmittal from the
Company's transfer agent, with specific instructions regarding the
exchange of shares. Mellon Investor Services LLC is LogicVision's
transfer agent and will act as the exchange agent for the purpose
of implementing the exchange of stock certificates in connection
with the reverse split. About LogicVision, Inc. LogicVision
(NASDAQ:LGVN) provides proprietary technologies for embedded test
and yield learning that enable more efficient manufacturing test of
complex semiconductors. LogicVision's embedded test solutions allow
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. The company's
advanced Design for Test (DFT) product line, ETCreate, works
together with Silicon Insight applications and Yield Insight to
improve 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
http://www.logicvision.com/. FORWARD LOOKING STATEMENTS: Except for
the historical information contained herein, the matters set forth
in this press release, including statements as to the Company's
outlook, expected market trends, market opportunities for the
Company's products, market potential for the Company's products and
interest in the Company's products, the Company's expected
financial results, including expected first quarter of 2008
bookings, are forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements are subject to risks and uncertainties
that could cause actual results to differ materially, including,
but not limited to, the possibility that the Company may not be
able to negotiate and sign customer agreements and obtain purchase
orders, orders could be modified or cancelled, existing customer
orders may not be renewed, and existing customers may not expand
their use of the Company's products, trends in capital spending in
the semiconductor industry, the timing and nature of customer
orders, whether customers accept the Company's new and existing
products, the impact of competitive products and alternative
technological advances, and other risks detailed in LogicVision's
Annual Report on Form 10-K for the year ended December 31, 2006,
LogicVision's Quarterly Report on Form 10-Q for the quarter ended
September 30, 2007 and from time to time in LogicVision's SEC
reports. These forward-looking statements speak only as of the date
hereof. LogicVision disclaims any obligation to update these
forward-looking statements. DATASOURCE: LogicVision, Inc. CONTACT:
Bruce Jaffe, VP of Finance and CFO of LogicVision, Inc.,
+1-408-453-0146 Web site: http://www.logicvision.com/
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