MIPS Technologies' Board of Directors Determines CEVA's Acquisition Proposal is Superior to Acquisition Agreement With

MIPS Technologies' Board of Directors Determines CEVA's Acquisition Proposal
is Superior to Acquisition Agreement With Imagination

SUNNYVALE, Calif., Dec. 12, 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 the MIPS Board of Directors has unanimously
determined that a new proposal from CEVA, Inc. (Nasdaq:CEVA) to acquire the
Company (the "CEVA Proposal"), constitutes a "Superior Proposal" to the merger
agreement with Imagination Technologies Group plc., originally announced on
November 5, 2012, including all amendments thereto (the "Merger Agreement").

CEVA proposes to acquire for $90 million (U.S.) in cash all of the outstanding
MIPS shares, plus the breakup fee for the Imagination Merger Agreement,
following the consummation of the previously announced proposed patent sale
transaction with Bridge Crossing, LLC and proposed recapitalization. The CEVA
Proposal has been unanimously approved by CEVA's Board of Directors.

MIPS has notified Imagination Technologies that the MIPS Board of Directors
intends to effect an adverse recommendation change or terminate the Merger
Agreement, but is prepared to continue negotiations if Imagination chooses to
adjust the terms of the Merger Agreement. MIPS is obliged to negotiate with
Imagination in good faith until the end of the business day on December 14,
2012 to make adjustments to the terms and conditions of the Merger Agreement,
such that the CEVA Proposal no longer constitutes a "Superior Proposal."

There is no assurance that the transactions proposed with either CEVA or
Imagination Technologies will be completed.

J.P. Morgan is acting as exclusive financial advisor to MIPS 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 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
either the proposed transaction between MIPS and Imagination Technologies or a
proposed transaction between MIPS and CEVA. In connection with either 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 either the
proposed transaction between MIPS and Imagination Technologies or a proposed
transaction between MIPS and CEVA 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 either the
proposed transaction between MIPS and Imagination Technologies or a proposed
transaction between MIPS and CEVA. 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 either the proposed transaction between
MIPS and Imagination Technologies or a proposed transaction between MIPS and
CEVA 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 either the proposed transaction between MIPS and Imagination Technologies
or a proposed transaction between MIPS and CEVA will be described in the proxy
statement relating to such transaction 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 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 the statements regarding the MIPS board of directors'
intent to effect an Adverse Recommendation Change (as defined in the Merger
Agreement) or to terminate the Merger Agreement and the other statements
regarding the proposed transactions with Imagination Technologies and CEVA.
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: actions of Imagination Technologies in response to
the MIPS board of directors' determination that the CEVA Proposal constitutes
a "Superior Proposal" as defined in the Merger Agreement; actions and
decisions of the respective boards of directors of MIPS, CEVA and Imagination
Technologies following their respective evaluations of each other's further
actions; the results of further discussions with Imagination Technologies and
CEVA; the impact of actions of other parties with respect to any discussions
and the potential consummation of the proposed transaction with either
Imagination Technologies or CEVA; the commencement or results of litigation
relating to the discussions or to the proposed transaction with Imagination
Technologies or CEVA; changes in the proposals from Imagination Technologies
or CEVA; failure of the MIPS stockholders to approve a proposed transaction
with Imagination Technologies or CEVA; the challenges and costs of closing
either the transaction with Imagination Technologies or the transaction with
CEVA; the ability to retain key employees; and other economic, business,
competitive, and/or regulatory factors affecting the businesses of MIPS, CEVA
or Imagination Technologies generally, including those set forth in the
filings of MIPS and CEVA 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 their respective
annual reports on Form 10-K, including any amendments thereto, and quarterly
reports on Form 10-Q, their respective current reports on Form 8-K and other
SEC filings. MIPS, Imagination Technologies and CEVA are 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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