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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