SAN JOSE, Calif., Oct. 17, 2003 (PRIMEZONE) -- ParthusCeva, Inc. (Nasdaq:PCVA) (LSE:PCV), the industry's leading licensor of Digital Signal Processor (DSP) cores and solutions to the semiconductor industry, today announced the appointment of Christine Russell as Chief Financial Officer, and Derek Meyer as Vice-President of Business Development and Strategy.
Christine Russell has been a financial executive in technology businesses for over twenty years with experience in both emerging and larger firms. Her most recent position was CFO with Persistence Software, Inc., a NASADQ listed company, which she took public in 1999. Prior to Persistence, Ms. Russell was CFO of Cygnus Solutions (RedHat), a provider of development tools and platforms for embedded technologies. Other CFO and financial executive positions held by Ms. Russell include Valence Technology, Xerox and Measurex (Honeywell). Ms. Russell is a Director and Chair of the Audit Committee of Peak International, Ltd and is a member of the University of Santa Clara Leavey School of Business Advisory Board. She also serves as a member of the Ethics and Eligibility Committee of the Financial Executives International and is a Past President and Board Member of the Silicon Valley Chapter of the FEI.
Derek Meyer brings over twenty years executive experience in the embedded semiconductor industry including several years in licensing Semiconductor Intellectual Property. Most recently Mr. Meyer spent six years with MIPS Technologies, a leading developer and licensor of RISC processor cores, serving as Vice President of Marketing & Sales and later Worldwide Field Operations. His previous positions include of Marketing Director at Sun Microsystems and Philips Semiconductors. Mr Meyer's responsibilities will include developing strategic relationships with ParthusCeva's partners worldwide.
Chet Silvestri, Chief Executive Officer of ParthusCeva, commented: "I am delighted to announce the appointments of Christine and Derek to ParthusCeva. Each brings tremendous knowledge of both the technology and semiconductor industries, and a track record in driving growth and strategic development. Their appointments complete the transition process of our executive management team based in our San Jose, CA corporate headquarters."
About ParthusCeva, Inc.
Headquartered in San Jose, ParthusCeva (Nasadaq:PCVA) and (LSE:PCV) is the leading licensor of DSP cores and solutions to the semiconductor industry. ParthusCeva's products are used in over 50 million devices each year. For more information, visit us at http://www.parthusceva.com.
ParthusCeva Safe Harbor Statement Various statements in this press release concerning ParthusCeva's future expectations, plans and prospects are "forward-looking statements", which are subject to certain risks and uncertainties that could cause actual results to differ materially from those stated. Any statements that are not statements of historical fact (including, without limitation, statements to the effect that the company or its management "believes", "expects", "anticipates", "plans" and similar expressions) should be considered forward-looking statements. These statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described, including the following:
* The industries in which we license our technology are experiencing a challenging period of slow growth that has negatively impacted and could continue to negatively impact our business and operating results; * the markets in which we operate are highly competitive, and as a result we could experience a loss of sales, lower prices and lower revenue; * our operating results fluctuate from quarter to quarter due to a variety of factors including our lengthy sales cycle, and are not a meaningful indicator for future performance * we rely significantly on revenue derived from a limited number of licensees; and * other risks discussed in "Management's Discussion and Analysis of Financial Condition and Results of Operations -- Factors that Could Affect Our Operating Results," in our quarterly report on Form 10-Q for the second quarter of 2003, filed with the U.S. Securities and Exchange Commission on August 12 , 2003.