Press Release
MSC.Software Director Resigns from Board
SANTA ANA, CALIF. - June 1, 2006 - MSC.Software Corp. (OTC: MNSC), the leading global provider of enterprise simulation solutions, announced today that Gregory P. Spivy has resigned from the company's Board of Directors, effective May 26, 2006. Mr. Spivy is a partner at ValueAct Capital.
Mr. Spivy joined the board in conjunction with a stockholders agreement that was executed in December 2004. The stockholders agreement provided that if ownership of MSC Common Stock by ValueAct Capital (when combined with ownership by certain parties associated with ValueAct Capital) declined to less than 10% of the total outstanding shares of Common Stock of the company, Mr. Spivy as the Affiliate Director under the stockholders agreement, would tender his resignation as a director of MSC. Ownership by ValueAct Capital and the associated parties has decreased to below 10% as a result of the conversions to date of MSC Software's 2 ½% Senior Convertible Notes due 2008 to shares of Common Stock of the Company.
About MSC.Software Corporation
MSC.Software (OTC: MNSC) is a leading global provider of enterprise simulation solutions, including simulation software and services, 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 1200 people in 23 countries. For additional information about MSC.Software's products and services, please visit www.mscsoftware.com.
Safe Harbor Language
This press release contains forward-looking statements, including all statements relating to the features, benefits, capabilities and performance of MD Nastran and other MSC.Software products. These statements are subject to risks and uncertainties that could cause actual results to be materially different than expectations. Such risks and uncertainties include, but are not limited to, changes in technology, the end-user computing and analysis environment, implementation and support that meet evolving customer requirements, general industry trends and the impact of competitive products.
Furthermore, information provided herein, which is not historical in nature, are forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All such forward-looking statements are based largely on management's expectations and are subject to and qualified by risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. The Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations.
The MSC.Software Corporate Logo, MSC, Adams, Dytran, Easy5, Marc, MD Nastran, MSC.Nastran, Patran and Sofy are trademarks or registered trademarks of MSC.Software Corporation in the USA and/or other countries. NASTRAN is a registered trademark of NASA. All other trademarks belong to their respective owners.
| Contact: Joanne Keates Vice President, Investor Relations MSC.Software 714.444.8551 joanne.keates@mscsoftware.com |
