MIPS Technologies Adopts Rights Agreement Review Policy.Business Editors MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Nov. 18, 2003 MIPS Technologies (MIPS Technologies, Inc., Mountain View, CA, www.mips.com) Founded in 1984 as MIPS Computer Systems Inc., the company merged with SGI in 1992 and spun off as an independent entity once again in 2000. , Inc., (Nasdaq:MIPS (Million Instructions Per Second) The execution speed of a computer. For example, .5 MIPS is 500,000 instructions per second; 100 MIPS is a hundred million instructions per second. ), announced today that on November 12, 2003, the Board of Directors of MIPS Technologies, Inc. adopted a new policy regarding the company's "Amended and Restated Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. Rights Agreement" dated September 11, 2000, as amended. Under the new policy, a committee comprised entirely of independent directors will review and evaluate the Rights Agreement at least once every three years to ensure that maintaining the Rights Agreement continues to be in the best interests of the company and its stockholders. After each review, the committee will report its conclusions to the full Board of Directors, and if appropriate, may recommend that the Board modify or redeem the rights issued under the Rights Agreement. This policy is commonly referred to as a TIDE (three-year independent director evaluation). The adoption of this policy resulted from the Board's review of its corporate governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. policies. MIPS Technologies, Inc. MIPS Technologies, Inc. (Nasdaq:MIPS) is a leading provider of industry standard processor architectures and cores for digital consumer and business applications. The company drives the broadest architectural alliance that is delivering 32- and 64-bit embedded RISC RISC in full Reduced Instruction Set Computing Computer architecture that uses a limited number of instructions. RISC became popular in microprocessors in the 1980s. solutions. The company licenses its intellectual property to semiconductor companies, ASIC (Application Specific Integrated Circuit) Pronounced "a-sick." A chip that is custom designed for a specific application rather than a general-purpose chip such as a microprocessor. developers, and system OEMs. MIPS Technologies, Inc. and its licensees offer the widest range of robust, scalable processors in standard, custom, semi-custom and application-specific products. MIPS Technologies, Inc. is based in Mountain View, Calif., and can be reached at 650-567-5000 or www.mips.com. MIPS is a registered trademark in the United States and other countries of MIPS Technologies, Inc. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion