JASPER DESIGN AUTOMATION LANDS VETERAN EDA EXECUTIVES AND $5.5 MILLION IN FUNDING FROM FOUNDATION CAPITAL

EDA Tools Company Emerges From Stealth Mode to Name Kathryn Kranen as CEO and Harry Foster as Chief Methodologist; Also Names Foundation Capital's Mike Schuh to Board of Directors

Mountain View, CA - May 19, 2003 - Formerly operating as Tempus Fugit, Jasper Design Automation, Inc., a privately held electronic design automation (EDA) company targeting true formal functional verification, emerged from stealth mode today to announce that is has named Kathryn Kranen president and CEO, effective immediately. The company also today announced that it has raised $5.5 million from Foundation Capital in a second round of funding and named General Partner, Mike Schuh, to its board of directors.

"Kathryn combines the innate sales ability, technical expertise and excellent execution that make for a great CEO. I have been aware of Kathryn and her achievements for many years, and I knew instantly she was the right person to lead Jasper," said Schuh. "Jasper has developed a great, market-tested technology, it's been operating profitably, and it hasn't yet dipped into its first round of funding. Under Kathryn's leadership, Jasper has a great opportunity before it."

Kranen was formerly the president and CEO of Verisity Design, Inc. (Nasdaq: VRST), U.S. headquarters of Verisity Ltd., where she established worldwide sales, marketing, and technical services infrastructure for the company and led the development and execution of corporate strategy. Kranen and the team she built are credited with creating an entirely new market in the verification space, changing the way many chip companies verify their designs. During her two and a half years at the company, Verisity grew from six to 80 people and from 0% to 84% share of the functional verification automation software market. While at Verisity, Kranen was the first female CEO and later co-vice chairman elected to the EDA Consortium board of directors.

Kranen replaces Vigyan Singhal, who cofounded the company and has served as its CEO since 1999. Singhal led the company through its first successful round of financing in 2002 and will become the vice president of engineering. Singhal will also maintain a position on Jasper's Board of Directors.

"I am delighted to join Jasper, whose breakthrough verification technology and superstar team have paved the way for electronics companies to be certain a chip design meets its functional requirements before it goes to market, saving them critical time and money," said Kranen. "Producing a design without formally verifying it can result in respin costs on the order of a million dollars, or failures in the field that lead to product recalls."

Also new to the executive team is Harry D. Foster, a highly-respected 19-year high tech industry veteran and former chief architect for Verplex Systems, who will serve as Jasper's chief methodologist, responsible for knowledge transfer, imparting to customers successful methodologies for formally verifying their designs. Harry is the current Chairman of the Accellera Formal Verification Committee, Co-Author of the books "Assertions-Based Design" and "Principles of Verifiable RTL Designs", and the co-inventor of Open Verification Library (OVL).

"I decided to join Jasper primarily because they are the 1st company able to achieve 100% proof of complex spec-level requirements," said Foster. "I found the team here at Jasper to be top-notch and I'm excited to be joining a company that can provide the industry with the first complete formal functional verification solution that also happens to be easy to use, taking the PhD out of formal."

Jasper Raises $5.5 Million in Funding from Foundation Capital
Jasper's $5.5 million second round of funding from Foundation Capital brings the company's total funding to $7.1 million. Cambrian Ventures led the company's first round, which was joined by angel investor, Alain Labat, president and CEO of Tera Systems. Jasper expects to use the money for expanding the engineering team, adapting the product for broad market adoption, building a sales support channel worldwide, and marketing.

Mike Schuh, as well as Kathryn Kranen, will join current board members, Alain Labat, Vigyan Singhal, Joe Higgins, Jasper chief architect and cofounder, and Venky Harinarayan, founding partner of Cambrian Ventures, on the company's board of directors.

"Kathryn and Mike bring Jasper the strategic asset of veteran EDA sales and marketing experience. Their knowledge will serve as a powerful complement to the extensive technical expertise of the company's engineering team," said Singhal.

"In particular, Kathryn's combination of leadership ability and technical background make her the right person to put us on the path to becoming a major EDA player."

Jasper to Demo JasperGold Verification System™ at DAC
Jasper also announced today the unveiling of JasperGold Verification System™, a user-friendly formal verification solution. (See separate release "Jasper Announces User-Friendly Formal Functional Verification Solution for 100% Proof of Spec-Level Requirements.") Jasper will publicly demonstrate JasperGold Verification SystemTM at the 40th Annual Design Automation Conference, June 2-6, 2003 in Anaheim, California. The company will be located in booth #1446.

About Jasper Design Automation
Jasper Design Automation, formerly Tempus Fugit, was founded in 1999 and is a privately funded Electronic Design Automation (EDA) company with its corporate headquarters located in Mountain View, California. Based on true formal functional verification, the company's breakthrough PreCognitive Formal Verification Technology™ begins at the spec-level to deliver 100% exhaustive design requirement proof for today's ultra complex Integrated Circuits. For further information visit: http://www.jasper-da.com.

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Jasper Design Automation, the Jasper Design Automation logo, Tempus Quest, JasperGold Verification System and Formal Testplanner are trademarks of Jasper Design Automation, Inc. All other names mentioned are trademarks, registered trademarks, or service marks of their respective companies.