Press Release
FTC Publishes Proposed Settlement Agreement With MSC.Software
SANTA ANA, Calif. - August 14, 2002 - MSC.Software Corp. (NYSE: MNS) today announced that the Agreement and Proposed Consent Order reached on July 6th, 2002 has been accepted for public comment by the Federal Trade Commission (FTC) commissioners. The 30-day public comment period is the next step in the Settlement process.
"This Settlement was achieved through the efforts of both sides to come to a mutually acceptable set of terms and without any admission of wrong doing on the part of MSC.Software. After considerable analysis, we do not expect any material adverse impact on the company as a result of the Settlement, financial or otherwise," said Frank Perna, chairman and chief executive officer of MSC.Software. "This also puts an end to the legal fees associated with the action."
"Our business strategy remains strong and we continue to provide leadership in the computer-aided engineering marketplace. MSC.Software has a proven portfolio of software products, services and systems that our customers rely on," continued Perna. "We see many opportunities for ongoing success and are confident we will continue to execute our strategy and provide value to our customers, shareholders and employees."
Under the terms of the Settlement, once a licensee is established, MSC.Software will license MSC.Nastran V2001, to up to two companies, for resale on a non-exclusive basis. In addition, the acquired versions of the UAI and CSAR Nastran software codes will be included with the license. No other MSC.Software products are impacted by this Settlement.
After the 30-day public comment period is completed, the FTC commissioners will review the Settlement for final approval. MSC.Software has 150 days to arrange a licensing agreement. If at the end of 150 days MSC.Software is unable to arrange a licensing agreement, the agreement will be turned over to a Trustee.
"We look forward to meeting the requirements of the approved Settlement in an expeditious manner," concluded Perna.
MSC.Software will hold a conference call at 2pm PT (5pm ET) to discuss the Settlement. The conference call dial in number is 1-800-642-1783.
About MSC.Software Corporation
MSC.Software (NYSE: MNS) is the leading global provider of simulation software, with related services and systems, that helps companies make money, save time and reduce costs associated with designing and testing manufactured products. MSC.Software works with thousands of companies in hundreds of industries to develop better products faster by utilizing information technology, software, services and systems. MSC.Software employs more than 1500 people in 22 countries. For additional information about MSC.Software's products and services, please visit www.mscsoftware.com.
| Contact: Joanne Keates Vice President, Investor Relations MSC.Software 714.444.8551 joanne.keates@mscsoftware.com |
Contact: Catherine Meek Media Relations MSC.Software 714.445.5647 catherine.meek@mscsoftware.com |
