ISSI Announces Formation of Separate Business Unit
January 08 2010 - 9:15AM
PR Newswire (US)
SAN JOSE, Calif., Jan. 8 /PRNewswire-FirstCall/ -- Integrated
Silicon Solution, Inc. (NASDAQ:ISSI) today announced the formation
of a separate business unit focused on its ASSP business that
includes its EEPROM and SmartCard products. The new business unit,
which will operate under the name of Giantec Semiconductor, Inc.
("Giantec"), intends to develop and market EEPROM, SmartCard, and
analog power management devices. Giantec is headquartered in
Shanghai, China. As part of this formation, Shanghai Zhang Jiang
Science & Technology Investment Corporation committed to invest
$3.75 million in Giantec. ISSI will still own more than 50 percent
of Giantec after this investment and, as such, will continue to
consolidate the financial statements of Giantec. "We are very
excited about the creation of Giantec, which combines our existing
EEPROM and SmartCard business with analog power management
capability. This new venture strengthens our business opportunity
in the all important Chinese electronics market," said Scott
Howarth, ISSI's President and CEO. "We are also pleased to obtain
the investment of Shanghai Zhang Jiang Science & Technology
Investment Corporation. Their commitment further enhances Giantec's
position in the Chinese market," added Mr. Howarth. 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. The Company's primary products are high speed and low
power SRAM and low and medium density DRAM. Through its Giantec
business unit, the Company also designs and markets EEPROM,
SmartCards and analog power management devices focused on its key
markets. 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 the
intent to develop and market analog power management devices, the
commitment of Shanghai Zhang Jiang Science & Technology
Investment Corporation to invest in Giantec, strengthened business
opportunity and the enhanced position of Giantec in the market 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, the actual investment by Shanghai Zhang Jiang
Science & Technology Investment Corporation, 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, 2009. The Company assumes no
obligation to update or revise the forward-looking statements in
this release because of new information, future events, or
otherwise. DATASOURCE: Integrated Silicon Solution, Inc. CONTACT:
John M. Cobb, Chief Financial Officer, Investor Relations,
+1-408-969-6600, Web Site: http://www.issi.com/
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