SAN JOSE, Calif., Jan. 4, 2011 /PRNewswire/ -- Integrated Silicon
Solution, Inc. (Nasdaq: ISSI) today announced that it has completed
the spin-off of its subsidiary, Giantec Semiconductor, Inc., which
focuses on the ASSP business that includes EEPROM and SmartCard
products. As part of the spin-off process, Giantec received an
additional direct investment of $3.75
million from Shanghai Pudong Science and Technology Co., Ltd
and $250,000 from Super Solution
Limited, resulting in ISSI's ownership percentage now being less
than 50 percent. As such, the revenue and operating results
of Giantec will only be included in ISSI's consolidated financial
statements through December 30, 2010,
the date the new investment transaction closed. Thereafter,
ISSI's operating results will reflect its proportional share of
Giantec's net income or loss, and ISSI's balance sheet will not
include any of Giantec's assets or liabilities. Giantec
recorded $6.0 million of revenue in
the quarter ended September 30,
2010.
"We are pleased that Giantec has received new investment from
Shanghai Pudong Science and Technology and Super Solution Limited.
Their investment provides Giantec with additional capital for
growth, and we believe further enhances Giantec's position in the
Chinese market as a stand-alone company," said Scott Howarth, ISSI's President and CEO.
"This transaction also enables ISSI to focus our efforts and
resources on further growing our business and penetrating our
target markets."
About the Company
ISSI is a fabless semiconductor company that designs and markets
high performance integrated circuits for the following key markets:
(i) digital consumer electronics, (ii) networking, (iii) mobile
communications, (iv) automotive electronics, and (v) industrial.
ISSI is headquartered in Silicon Valley with worldwide offices in
Taiwan, Japan, Singapore, China, Europe, Hong
Kong, India, and Korea.
Visit our web site at http://www.issi.com.
Forward Looking Statements
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Statements concerning Giantec's growth and position in the Chinese
market as a stand-alone company and focusing our efforts on further
growing our business and penetrating our target markets are
forward-looking statements that involve risks and uncertainties
that could cause actual results to differ materially from those
anticipated. Such risks and uncertainties include supply and demand
conditions in the market place resulting from unexpected
fluctuations in the market, liquidity and credit concerns or other
factors, unexpected reductions in average selling prices for our
products, our ability to sell our products for key applications and
the pricing and gross margins achieved on such sales, our ability
to control or reduce operating expenses, changes in manufacturing
yields, order cancellations, order rescheduling, product warranty
claims, competition, our ability to obtain a sufficient supply of
wafers at acceptable prices, the level and value of inventory held
by OEM customers, or other risks listed from time to time in the
Company's filings with the Securities and Exchange Commission,
including the Company's Form 10-K for the year ended September 30, 2010. The Company assumes no
obligation to update or revise the forward-looking statements in
this release because of new information, future events, or
otherwise.
SOURCE Integrated Silicon Solution, Inc.