MIPS Technologies Announces Receipt of Unsolicited Proposal From CEVA, Inc.

MIPS Technologies Announces Receipt of Unsolicited Proposal From CEVA, Inc.

        Reiterates Commitment to Imagination Technologies Transaction

           Announces Intention to Enter Into Discussions With CEVA

SUNNYVALE, Calif., Nov. 20, 2012 (GLOBE NEWSWIRE) -- MIPS Technologies, Inc.
(Nasdaq:MIPS), a leading provider of industry-standard processor architectures
and cores for home entertainment, networking, mobile and embedded
applications, today announced that it has received an unsolicited proposal
from CEVA, Inc. (Nasdaq:CEVA) to acquire all of the outstanding MIPS shares,
following the consummation of the proposed patent sale transaction with Bridge
Crossing, LLC and the proposed recapitalization, for $75 million (U.S.) in
cash. CEVA's proposal is subject to the approval of its board of directors and
a brief period of confirmatory due diligence.

MIPS had previously announced (on November 5, 2012) that Imagination
Technologies Group plc (LSE:IMG) would acquire the outstanding MIPS shares
following the consummation of the proposed patent sale transaction with Bridge
Crossing and the proposed recapitalization, for $60 million (U.S.) in cash.

The MIPS Technologies Board of Directors is evaluating CEVA's proposal and has
not made a determination as to whether the proposal is superior to MIPS
Technologies' pending transaction with Imagination Technologies. However, the
MIPS Technologies Board of Directors believes the CEVA proposal could
reasonably be expected to lead to a superior transaction, so it has determined
to engage in discussions with CEVA. There can be no assurances that any
definitive agreement or transaction will result from the CEVA proposal or MIPS
Technologies' discussions with CEVA.

The MIPS Board of Directors continues to recommend the merger agreement with
Imagination Technologies to its stockholders. The MIPS Board of Directors is
not withdrawing its recommendation with respect to the merger agreement and
the merger, or proposing to do so, and is not making any recommendation with
respect to the CEVA proposal.

J.P. Morgan is acting as exclusive financial advisor to MIPS Technologies and
Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal advisor.

About MIPS Technologies, Inc.

MIPS Technologies, Inc. (Nasdaq:MIPS) is a leading provider of
industry-standard processor architectures and cores for home entertainment,
networking, mobile and embedded applications. The MIPS architecture powers
some of the world's most popular products including over 700 million units in
our most recent fiscal year. Our technology is broadly used in products such
as digital televisions, set-top boxes, Blu-ray players, broadband customer
premises equipment (CPE), WiFi access points and routers, networking
infrastructure and portable/mobile communications and entertainment products.
Founded in 1998, MIPS Technologies is headquartered in Sunnyvale, California,
with offices worldwide. For more information, contact (408) 530-5000 or visit
www.mips.com.

The MIPS Technologies, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=11351

Additional Information and Where You Can Find It

This communication may be deemed to be solicitation material in respect of the
proposed transaction between MIPS and Imagination Technologies. In connection
with the proposed transaction, MIPS intends to file a definitive proxy
statement and other relevant materials with the SEC. The proxy statement and
other relevant materials, and any other documents to be filed by MIPS with the
SEC, may be obtained free of charge at the SEC's website at www.sec.gov or
from MIPS' website at www.mips.com or by contacting MIPS Investor Relations
at: ir@mips.com. Investors and security holders of MIPS are urged to read the
proxy statement and the other relevant materials when they become available
before making any voting or investment decision with respect to the proposed
transaction because they will contain important information about the
transaction and the parties to the transaction.

MIPS and its executive officers, directors and other members of their
management and employees, under SEC rules, may be deemed to be participants in
the solicitation of proxies from MIPS' stockholders in favor of the proposed
transaction. A list of the names of MIPS' executive officers and directors and
a description of their respective interests in MIPS are set forth in the proxy
statement for MIPS' 2011 Annual Meeting of Stockholders, MIPS' 2012 Annual
Report on Form 10-K and Amendment No. 1 thereto, in any documents subsequently
filed by its directors and executive officers under the Securities Exchange
Act of 1934, as amended, and the proxy statement and other relevant materials
filed with the SEC in connection with the transactions when they become
available. Certain executive officers and directors of MIPS have interests in
the proposed transaction that may differ from the interests of stockholders
generally, including benefits conferred under retention, severance and change
in control arrangements and continuation of director and officer insurance and
indemnification. These interests and any additional benefits in connection
with the proposed transaction will be described in the proxy statement
relating to the transactions when it becomes available.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains statements that may be deemed to be
forward-looking statements within the meaning of the "safe harbor" provisions
of the Private Securities Litigation Reform Act of 1995. These statements are
based on MIPS Technologies and its Board of Directors' current expectations
and beliefs and are subject to a number of factors and uncertainties that
could cause actual results to differ materially from those described in these
statements. These statements include that the proposed Imagination
Technologies transaction will have compelling strategic and financial
benefits; the Board's continued recommendation of the Imagination Technologies
transaction to its stockholders; and other statements regarding the possible
transactions. Any statements that are not statements of historical fact
(including statements containing the words "believes," "should," "plans,"
"anticipates," "expects," "estimates" and similar expressions) should also be
considered to be forward-looking statements. These statements are not
guarantees of future performance, involve certain risks, uncertainties and
assumptions that are difficult to predict, and are based upon assumptions as
to future events that may not prove accurate. Therefore, actual outcomes and
results may differ materially from what is expressed herein. The following
factors, among others, could cause actual results to differ materially from
those described in any forward-looking statements: the inability of MIPS and
CEVA to agree on the parameters of their discussions; the decision of the MIPS
Technologies Board of Directors following its evaluation of the CEVA proposal;
actions of Imagination Technologies in response to any discussions with CEVA;
the results of discussions with CEVA; the impact of actions of other parties
with respect to any discussions and the potential consummation of the proposed
transaction with Imagination Technologies; the commencement of litigation
relating to the discussions or to the proposed transaction with Imagination
Technologies; changes in the proposal from CEVA; failure of the MIPS
Technologies stockholders to approve the proposed transaction with Imagination
Technologies; the challenges and costs of closing, integrating and achieving
anticipated synergies from the MIPS Technologies and Imagination Technologies
transaction; the ability to retain key employees; and other economic,
business, competitive, and/or regulatory factors affecting the businesses of
MIPS Technologies and Imagination Technologies generally, including those set
forth in the filings of MIPS Technologies with the Securities and Exchange
Commission, especially in the "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" sections of MIPS
Technologies annual reports on Form 10-K, including any amendments thereto,
and quarterly reports on Form 10-Q, their current reports on Form 8-K and
other SEC filings. MIPS Technologies is under no obligation to (and expressly
disclaim any such obligation to) update or alter any forward-looking
statements as a result of developments occurring after the date of this press
release.

MIPS and MIPS-Based are trademarks or registered trademark of MIPS
Technologies, Inc. in the United States and other countries. All other
trademarks referred to herein are the property of their respective owners.

CONTACT: Media Contact:
         Jen Bernier-Santarini
         MIPS Technologies, Inc.
         +1 408-530-5178
         jenb@mips.com
        
         Investor Contact:
         Bill Slater
         MIPS Technologies, Inc.
         +1 408-530-5200
         ir@mips.com

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