ISSI COMPLETES ADDITIONAL SALE OF TAIWAN SUBSIDIARY
Santa Clara, Calif, Jan. 7 /PRNewswire/ -- Integrated Silicon Solution, Inc. (Nasdaq: ISSI) today announced that it has completed the planned additional sale of a portion of its Taiwan subsidiary to a group of private investors. The company sold an additional 6.5 percent of its holdings for approximately $4.5 million, after Taiwan withholding taxes. In addition, certain shares were sold to employees of ISSI-Taiwan. As a result of these transactions, ISSI's ownership in the Taiwan company dropped to approximately 42 percent.
"As we announced in July of last year, our long-term goal is to have ISSI-Taiwan go public on the Taiwan stock exchange," said Jimmy Lee, president and CEO. "Dropping below fifty percent ownership of this subsidiary positions ISSI-Taiwan for a possible public offering in Taiwan in 2000." The company explained that, in Taiwan, a company cannot go public if the total foreign ownership exceeds 50 percent in the one-year period prior to a public offering.
ISSI originally established the Taiwan subsidiary in 1990 and assumed one hundred percent ownership in 1993. ISSI-Taiwan coordinates manufacturing logistics for ISSI, performs final test on ISSI memory devices, and covers sales and marketing in Asia. ISSI remains the largest shareholder of the Taiwan company and will continue to use that company for its core manufacturing needs.
ISSI designs, develops and markets high performance SRAM, DRAM, and EEPROM memory devices, and embedded memories, as well as voice products and microcontrollers. ISSI's products are used in telecommunications, data communications, networking systems, personal computers, instrumentation and consumer products.
Certain statements in this news release, including those related to ISSI's future plans for ISSI-Taiwan and the possibility and timing of an initial public offering for ISSI-Taiwan are forward-looking statements that are subject to a number of risks, including the business and financial performance of ISSI-Taiwan, conditions in the Taiwan stock market, the ability of ISSI-Taiwan to operate as an independent company, instability in Asia, technicalities with the Taiwan government and its monitoring agency, and the inability of ISSI-Taiwan to add additional customers for memory products or memory test. Further information that could affect the company's results is detailed in ISSI's periodic filings with the Securities and Exchange Commission, including its Annual Report on Form 10K for the fiscal year ended Sept. 30, 1998.
SOURCE Integrated Silicon Solutions, Inc.
-0- 01/07/99 /CONTACT: Suzanne Weaver or John Ivison, Investor Relations of ISSI, 408-588-0800, or fax, 408-588-0805; or Deborah Stapleton of Stapleton Communications Inc., 650-470-0200, or fax, 650-470-2110, for ISSI/
/Web site: issiusa.com (ISSI) CO: Integrated Silicon Solutions, Inc. ST: California, Taiwan IN: CPR SU: |
