MIPS Technologies Files Annual Report, Quarterly Reports and Proxy Statement

MOUNTAIN VIEW, Calif., July 2 /PRNewswire-FirstCall/ -- MIPS Technologies, Inc. (NASDAQ: MIPS), today announced that the company has completed and filed with the SEC its Annual Report on Form 10-K for the year ended June 30, 2006 and its Quarterly Reports on Form 10-Q for the first, second and third quarters of fiscal 2007, ended September 30, 2006, December 31, 2006 and March 31, 2007, respectively. These filings contain financial statements that were restated as a result of a voluntary review of the company's stock option practices conducted by a special committee of the company's board of directors.

With these filings and additional submissions previously delivered to NASDAQ, the company believes that it has now regained compliance with the requirements for continued listing on The NASDAQ Global Market; however, the company is awaiting confirmation of compliance from NASDAQ.

The company expects to receive a new notice from NASDAQ that it is not in compliance due to its failure to solicit proxies and hold the company's annual meeting of stockholders within twelve months of the end of the company's fiscal year ended June 30, 2006, as required by NASDAQ Marketplace Rules. The company intends to ask NASDAQ for additional time to comply with these requirements. In that regard, today, the company filed its Proxy Statement with the SEC for the 2006 Annual Meeting of Stockholders to be held on August 9, 2007.

About MIPS Technologies

MIPS Technologies, Inc. (NASDAQ: MIPS) is a leading provider of industry-standard processor architectures and cores for digital consumer, networking, personal entertainment, communications and business applications. The company drives the broadest architectural alliance that delivers 32- and 64-bit embedded RISC solutions to the embedded market, and in combination with its licensees, offers the widest range of robust, scalable processors in standard, custom, semi-custom and application-specific products worldwide. MIPS Technologies currently owns more than 400 patent properties (patents and applications) worldwide and licenses its intellectual property to today's leading semiconductor companies, ASIC developers and system OEMs.

Today, MIPS-Based(TM) designs are integrated in millions of products around the world, including broadband devices from Linksys, digital cameras from Canon, DTVs and entertainment systems from Sony, DVD Recordable devices from Pioneer, digital set-top boxes from Motorola, network routers from Cisco and laser printers from Hewlett-Packard. Founded in 1998, MIPS Technologies is based in Mountain View, California, with offices worldwide. For more information, please contact (650) 567-5000 or visit http://www.mips.com.

Forward Looking Statements

This press release contains forward-looking statements; such statements are indicated by forward looking language such as "plans", "anticipates", "expects", "will", and other words or phrases contemplating future activities including statements regarding MIPS Technologies' belief that it has now become current in its filings with the SEC and is compliant with NASDAQ rules governing its continued listing. Actual events or results may differ materially from those anticipated in these forward-looking statements as a result of a number of different risks and uncertainties, including but not limited to: the fact that there can be no assurance that our products will achieve market acceptance, changes in our research and development expenses, the anticipated benefits of our partnering relationships may be more difficult to achieve than expected, the timing of or delays in customer orders, delays in the design process, the length of MIPS Technologies' sales cycle, MIPS Technologies' ability to develop, introduce and market new products and product enhancements, and the level of demand for semiconductors and end-user products that incorporate semiconductors. For a further discussion of risk factors affecting our business, we refer you to the risk factors section in the documents we file from time to time with the Securities and Exchange Commission.

Web site: http://www.mips.com/




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