Aspec Announces Further Delay in Release Date for Third Quarter Financial Results And Expected Restatement of Prior Period Financial Results.SUNNYVALE, Calif.--(BUSINESS WIRE)--Oct. 9, 1998--Aspec Technology, Inc. (Nasdaq:ASPC ASPC Associated Students of Pomona College (Claremont, California) ASPC American Shetland Pony Club ASPC Arizona State Prison Complex ASPC Algorithmic Statistical Process Control ASPC Attached Shuttle Payload Center ), a leading provider of semiconductor intellectual property (SIP) libraries and design services for complex IC designs, today announced that their new independent financial accountants, PricewaterhouseCoopers LLP LLP - Lower Layer Protocol , has not yet completed its review of the Company's third fiscal quarter ended August 31, 1998, necessitating the Company to further delay the release of its financial results for such quarter until the filing of the Company's Form 10-Q Form 10-Q See 10-Q. . In addition, based on consultation with its new independent accountants, the Company expects to restate its financial results for fiscal years 1996 and 1997 and fiscal quarters ended February 28, 1998 and May 31, 1998. The Company is continuing to work with its new independent accountants to quantify the amount of the restatement for these previous periods and to finalize its results for the August 1998 quarter. The restatement is expected to result in a deferral deferral - Waiting for quiet on the Ethernet. of certain revenue recognized in these previous periods to subsequent periods. The above statements regarding the expected restatement of Aspec's financial results are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. which are based on current expectations, beliefs and intentions. These forward-looking statements involve substantial risks and uncertainties and actual results and developments may differ materially from those described in this release. For more information about Aspec and risks arising when investing in Aspec, you are directed to Aspec's most recent reports on Form 10-Q and recent registration statement on Form S-1 as filed with the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Securities and Exchange Commission. Aspec Technology, Inc. is a leading independent provider of Semiconductor Intellectual Property (SIP) libraries and design services for complex IC (Integrated Circuit integrated circuit (IC), electronic circuit built on a semiconductor substrate, usually one of single-crystal silicon. The circuit, often called a chip, is packaged in a hermetically sealed case or a nonhermetic plastic capsule, with leads extending from it for ) design and development. Aspec customers can significantly reduce the development time and costs associated with bringing deep sub-micron IC designs to successful silicon fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. . Aspec's verifiable physical IP libraries provide customers with the essential building blocks for developing complex ICs and system-on-chip (SOC) products. The Company offers cell-based foundation IP, including I/Os, memories, macrocells, and core cells and complex functions that are tuned to each manufacturer's process. Aspec's SIP libraries and design services are used by the leading ASIC/IC/ASSP companies, electronic systems design companies and foundries worldwide. Aspec is located at 830 East Arques Avenue, Sunnyvale, CA 94086. More information is available at http://www.aspec.com. |
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