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Technology Stocks : Alliance Semiconductor

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Jul 10 5:00 PM EST

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To: DJBEINO who wrote (9261)	4/3/2001 10:57:46 AM
From: DJBEINO	of 9582

Tower Semiconductor Reports Reaching Second Milestone in Fab 2 Project Began Shell Construction of Fab 2 Building Project Moving Full-Steam Ahead to Capitalize on Long-Term Industry Growth Despite of Current Down-Turn MIGDAL HAEMEK, Israel--(BUSINESS WIRE)--April 3, 2001-- Tower Semiconductor (Nasdaq:TSEM - news; TASE:TOWER) today reported that it has begun the shell construction of the Fab 2 building. This constitutes achievement of the second milestone of the project according to Tower's agreements with its wafer partners and equity investors. ``Starting shell construction now actually puts us ahead of schedule,'' said Dr. Yoav Nissan-Cohen, Tower's co-CEO. ``We are also moving ahead with technology transfer, equipment procurement and recruitment according to the plan. When completed, Fab 2 will allow us to fully capitalize on the forecasted long-term growth of the semiconductor industry as a whole, and the Foundry segment in particular.'' The transfer of the subsequent installment, out of the $305 million investment committed to by Tower's equity partners and the distribution of corresponding shares to the partners and investors, is expected within one month. biz.yahoo.com

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