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EXHIBIT 99
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FOR IMMEDIATE RELEASE
MEDIA CONTACT:
Constance Sweeney,
MIPS Technologies, Inc.
650-567-5059
[email protected]
MIPS TECHNOLOGIES ADOPTS SHAREHOLDERS' RIGHTS PLAN
MOUNTAIN VIEW, Calif., (June 2, 2000) MIPS Technologies, Inc. (NASDAQ:MIPS)
announced today that its board of directors has adopted a Shareholders' Rights
Plan. Under the plan, MIPS Technologies will issue a dividend of one right for
each share of common stock -- par value of $0.001 per share -- of the company
held by stockholders of record as of the close of business on June 19, 2000. The
plan is designed to assure stockholders fair value in the event of a future
unsolicited business combination or similar transaction involving the company.
MIPS Technologies added that the plan was not adopted in response to any attempt
to acquire the company, and that it is not aware of any such efforts.
Each right will initially entitle stockholders to purchase a fractional share of
the company's preferred stock for $200. However, the rights are not immediately
exercisable and will become exercisable only upon the occurrence of certain
events. Upon certain other events, unless redeemed for $.01 per right, the
rights will become exercisable by holders, other than rights held by an
unsolicited third party acquirer, for shares of the company or of the third
party acquirer having a value of twice the right's then-current exercise price.
Further details of the plan are outlined in a letter that will be mailed to
stockholders as of the record date.
ABOUT MIPS TECHNOLOGIES, INC.
MIPS Technologies, Inc. is one of the world's primary architects of embedded 32-
and 64-bit RISC processors. The company drives the broadest architectural
alliance that is delivering 32- and 64-bit embedded RISC solutions. The company
licenses its intellectual property to semiconductor companies, ASIC 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.
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Licensees currently include: Alchemy Semiconductor, Inc.; ATI Technologies,
Inc.; Broadcom Corporation; Centillium Communications, Inc.; Chartered
Semiconductor Manufacturing; CommQuest (IBM); ESS Technology, Inc.; Excess
Bandwidth; General Instrument Corporation; Integrated Device Technology, Inc.
(IDT); Lara Networks, Inc.; LSI Logic Corporation; Macronix; Metalink Ltd.; NEC
Corporation; NKK Corporation; Philips Semiconductors; Quantum Effect Devices,
Inc. (QED); QuickLogic Corporation, Sandcraft, Inc.; SiByte, Inc.; Sony
Corporation; Synova; Texas Instruments Incorporated; Toshiba Corporation; and
Taiwan Semiconductor Manufacturing Company. Numerous companies utilize
MIPS-based(TM) intellectual property. MIPS Technologies, Inc. is based in
Mountain View, California, and can be reached at 650-567-5000 or
http://www.mips.com.
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MIPS is a registered trademark of MIPS Technologies, Inc. All press materials
are available on the World Wide Web via: http://www.mips.com.
