SAN JOSE, CA / ACCESSWIRE / April 13, 2020 / MoSys, Inc., (NASDAQ:MOSY), a provider of high-speed semiconductor solutions, provided an additional business update today.
On March 31, 2020, Santa Clara County in California, where the Company is based, issued a new "shelter-in-place" order (the "Second Order") that superseded its previous March 16, 2020 order. This Second Order clarifies, strengthens, and extends certain terms of the county's previous order to increase social distancing and reduce person-to-person contact to further slow transmission of the COVID-19 virus. The Second Order extends shelter-in-place requirements in Santa Clara County through May 3, 2020, and it is possible that this order is further extended by the county. The Company has been complying with the county's order and has implemented a work-from-home policy for its employees and contractors and significantly minimized the number of employees who visit the office. Earlier this week, the Company resumed shipments of its IC products and has already completed shipment of all orders that were on its backlog and unable to ship in the second half of March as a result of the COVID-19 outbreak.
The Company expects to continue shipments during the current quarter ending June 30, 2020, as MoSys and its vendors are supporting shipment of components for critical infrastructure, as defined by the federal government.
The Company and its employees will continue to comply with the orders of federal, state and county officials to do their part to flatten the curve.
Forward-Looking Statements
This press release may contain forward-looking statements about the Company, including, without limitation, its business outlook, the Company's ability to continue to ship it products during the current quarter ending June 30, 2020 and the impact of the Second Order on the Company's operations. Forward-looking statements are based on certain assumptions and expectations of future events that are subject to risks and uncertainties. Actual results and trends may differ materially from historical results or those projected in any such forward-looking statements depending on a variety of factors. These factors include, but are not limited to, public health requirements in response to the outbreak of COVID-19 and the impact on our business and operations, which is evolving and beyond our control, and the timing of customer orders and product shipments, as well as other risks identified in the Company's most recent report on Form 10-K filed with the Securities and Exchange Commission, as well as other reports that MoSys files from time to time with the Securities and Exchange Commission. MoSys undertakes no obligation to update publicly any forward-looking statement for any reason, except as required by law, even as new information becomes available or other events occur in the future.
About MoSys, Inc.
MoSys, Inc. (NASDAQ:MOSY) is a provider of hardware and software/firmware solutions that enable fast, intelligent data access and data decisions for cloud networking, security, test and measurement, video and other systems. MoSys's Blazar Accelerator Engines are memory integrated circuits with unmatched intelligence, performance and capacity that eliminate data access bottlenecks to deliver speed and intelligence in systems, including those scaling from 100G to multi-terabits per second. MoSys's Software Accelerator Platforms include software and firmware that focus on accelerating application-specific decision functions and are portable across a wide range of hardware configurations with or without MoSys hardware. MoSys' hardware and software solutions provide system architects and designers with unique system acceleration options. More information is available at www.mosys.com.
MoSys is a registered trademark of MoSys, Inc. in the US and/or other countries. The MoSys logo and GigaChip are trademarks of MoSys, Inc. All other marks mentioned herein are the property of their respective owners.
Contact:
Jim Sullivan, CFO
MoSys, Inc.
+1 (408) 418-7500
jsullivan@mosys.com
SOURCE: MoSys, Inc.
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