Tower Semiconductor's Shareholders Approve Fab 2 Transactions
MIGDAL HAEMEK, Israel--(BUSINESS WIRE)--Nov. 16, 2000--Tower Semiconductor (NASDAQ: TSEM - news) announced today that its shareholders approved the transactions related to the Company's proposed Fab 2 project. At the annual shareholders meeting held on November 14, 2000, holders of approximately 7.5 million shares voted in favor of the Fab 2 Transactions. This figure represents the affirmative vote of approximately 99.1% of the shares that voted at the meeting. In addition, all other proposals on the agenda were also approved at the meeting.
Commenting on the results of the shareholders meeting, Dr. Yoav Nissan-Cohen, Tower's Co-CEO said, ``This is a very important vote of confidence in Tower's strategic direction. With our shareholders blessing, we are now ready to move ahead toward finalizing the funding agreements and break ground soon.''
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Tower Semiconductor Welcomes Israeli Finance Ministry Recommendation of 20% Grant for Fab 2
MIGDAL HAEMEK, Israel--(BUSINESS WIRE)--Oct. 11, 2000--Tower Semiconductor (NASDAQ:TSEM - news) announced today that the $250 million grant, recommended by the Israeli Minister of Finance, will allow it to continue with its plans to construct a second wafer fab.
Yesterday, Avraham Shochat, Israeli Minister of Finance, officially announced his recommendation that the Israeli Investment Center approve a government grant toward Tower's Fab 2 project. The recommendation calls for a grant of up to $250 million, 20% of the $1.25 billion, which Tower plans to invest in the new facility. According to the announcement, Minister Shochat's decision was based on a series of consultations, which confirmed the positive impact of the planned new facility on the Israeli economy.
Commenting on the announcement, Dr. Yoav Nissan-Cohen, Co-CEO of Tower said, ``We have been looking forward to this decision. The 20% government grant will enable Tower to proceed with its plans to construct its advanced facility.''
``Mr. Shochat's recommendation is of great importance to Tower,'' explained Dr. Nissan-Cohen. ``Approval of the grant was a condition to the closing of our agreements with our strategic partners, Toshiba, SanDisk and Alliance. Our focus now is on finalizing the agreements with additional strategic partners and investors to complete the project financing.''
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