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Technology Stocks : Alliance Semiconductor
ALSC 0.8100.0%Jul 10 4:00 PM EDT
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To: who started this subject3/5/2002 11:28:15 PM
From: Paul Lee   of 9582
 
SEC Declines to Grant Alliance Semiconductor an Exemption From the Investment Act of 1940


SANTA CLARA, Calif.--(BUSINESS WIRE)--March 5, 2002--Alliance Semiconductor Corporation (Nasdaq:ALSC) has learned that the staff of the Securities and Exchange Commission ("SEC") has decided not to support Alliance's August 2000 application to the SEC for an exemption from being treated as an investment company under the Investment Company Act of 1940 (the "1940 Act"). An exemption would not have required the Company to be registered as an investment company, as more fully explained in the Company's recent reports on Forms 10-K and 10-Q.

As previously disclosed in its filings with the SEC, the Company filed the application for an exemption after certain of its investments in joint venture foundries became publicly traded securities. The value of these new securities caused the Company to hold more than 40% of its assets in "investment securities" (one of the tests under the 1940 Act), and potentially made the Company subject to the 1940 Act. Since the Company believed itself to be an operating company, rather than an investment company, it applied for an exemption under the 1940 Act.

The Company will now be required to either register as an investment company under the 1940 Act or to divest itself of sufficient investment securities so as not to be subject to the 1940 Act. N.D. Reddy, President and CEO said "We are currently evaluating our options and expect to make a decision shortly. We will then expeditiously implement that decision.
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