Virage Logic Proposes to Acquire LogicVision for $1.05 Per Share in Cash

Very truly yours,
 
Virage Logic Corporation
\s\J. Daniel McCranie
J. Daniel McCranie
Executive Chairman

About Virage Logic

Virage Logic is a leading provider of semiconductor intellectual property (IP) for the design of complex integrated circuits. The company’s highly differentiated product portfolio includes embedded SRAMs, embedded NVMs, embedded test and repair, logic libraries, memory development software, and DDR memory controller subsystems. As the industry’s trusted semiconductor IP partner, foundries, IDMs and fabless customers rely on Virage Logic to achieve higher performance, lower power, higher density and optimal yield, as well as shorten time-to-market and time-to-volume. For further information, visit www.viragelogic.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:

Statements in this press release, including those regarding Virage Logic’s proposal to acquire LogicVision Corporation, may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “anticipate”, “believe”, “expect”, “intend”, “estimate” (and the negative of any of these terms), “future” and similar expressions help identify forward looking statements. These forward looking statements are subject to business and economic risk and reflect the current expectations of Virage Logic’s management, as applicable, and involve subjects that are inherently uncertain and difficult to predict. Actual results could differ materially from these forward-looking statements because of factors such as: the possibility that Virage Logic’s proposal to acquire LogicVision will be rejected by LogicVision’s board of directors or stockholders; the possibility that Virage Logic and LogicVision could be unable to reach agreement on the terms of definitive documents for the transaction; the possibility that, even if Virage Logic’s proposal is accepted, the transaction will not close or that the closing may be delayed; the effect of the announcement of the proposal on Virage Logic and LogicVision’s strategic relationships, operating results and businesses generally, including the ability to retain key employees; the ability of Virage Logic to successfully integrate LogicVision’s operations and employees; general economic conditions;; and other risks including those described in Virage Logic’s Annual Report on Form 10-K for the period ended September 30, 2007, and in Virage Logic’s other periodic reports filed with the SEC, all of which are available from Virage Logic’s website ( www.viragelogic.com) or from the SEC’s website ( www.sec.gov), and in news releases and other communications. If any of these risks or uncertainties materialize, the proposal may not be accepted, the acquisition of LogicVision by Virage Logic may not be consummated, the potential benefits of the acquisition may not be realized, Virage Logic’s operating results and financial performance could suffer, and actual results could differ materially from the expectations described in these forward-looking statements. Virage Logic undertakes no duty to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise.



Contact:

Virage Logic Corporation
Brian Sereda, 510-360-8017
Email Contact



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