Aspec Technology Announces Restructuring Of Executive Management Team.SUNNYVALE, Calif.--(BUSINESS WIRE)--Jan. 11, 1999--Aspec Technology, Inc. (Nasdaq:ASPCE) today announced an executive management restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). strategy with Dr. Conrad Dell 'Oca now serving exclusively as Chairman of the Board. This action will allow Dr. Dell 'Oca to concentrate on long-term strategy and business relationships for Aspec. As part of Aspec's restructuring strategy, the Company today appointed an acting President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , as well as a Chief Financial Officer and acting Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . A search to fill the President and CEO position for Aspec has been initiated. "This restructuring is part of our strategy to put Aspec on a faster track for turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. than the previous organization would have allowed," said Dr. Dell 'Oca. "This action will free up my time for customer relationships, strategic relationships and international sales. With this restructuring strategy, I feel we have taken extremely positive actions to help the Company move forward and return to profitability." As part of the restructuring, the Aspec Board of Directors has appointed Douglas E. Klint as acting President and CEO. Klint is currently Vice President, General Counsel for the Company. "My role as acting President and CEO will be to provide a source of continuity for Aspec until we have secured an appropriate replacement," stated Klint. Aspec also announced the appointment of Michael O'Malley to the position of Chief Financial Officer and acting Chief Operating Officer. O'Malley has served as a consultant to the Company since November 1998. Remarked O'Malley, "Our focus moving forward will be directed at driving the Company back to profitability." Certain statements in this press release, including those regarding the Company's expected outcomes resulting from the January 11, 1999 executive management restructuring and the goal of returning to profitability, 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. that are based on current expectations, beliefs and intentions. These forward-looking statements involve substantial risks and uncertainties including the timing and success of the executive search and the ultimate success of the restructuring strategy. 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 report on Form 10-Q Form 10-Q See 10-Q. for the quarter ended August 31, 1998 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. (Nasdaq:ASPCE) 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 (System On a Chip) The electronics for a complete, working product contained on a single chip. While a microcontroller includes all the hardware components required to process instructions, an SoC includes the computer and all required ancillary electronics. ) 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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