Ottowa, Ont.--April 27, 1999- Mosaid Technologies, Inc. (Kanata, Ont.)announced it has made an offer to purchase all of the outstanding shares in Accelerix, Inc (Ottowa), a designer of application specific memory (ASM) systems-on-a chip (SOC) products for the PC graphics marketplace.
Mosaid is offering Accelerix shareholders $0.188 per share payable in either cash or Mosaid shares, which amounts to approximately $1.05 million for those shares of Accelerix not already owned by the company. Mosaid currently owns approximately 30 percent of Accelerix.
The deal, which must be approved by Accelerix shareholders on May 20 and is subject to regulatory approval, will see Mosaid acquire Accelerix and its U.S. subsidiary by way of an amalgamation. Accelerix will cease to be a reporting issuer after the amalgamation is complete.
Accelerix's Austin, Texas office, will become the Mosaid Semiconductor Division's first U.S. design center, and will employ 14 people. Accelerix's Canadian employees will become part of the Mosaid design services team in Kanata.
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