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Technology Stocks : Alliance Semiconductor -- Ignore unavailable to you. Want to Upgrade?

To: Ram Seetharaman who wrote (7325)	4/24/2000 11:49:00 PM
From: Czechsinthemail	Read Replies (1) \| Respond to of 9582

Posted on Raging Bull: ragingbull.com Alliance Semiconductor Takes a Minority Equity Position in Legacy Systems Industry Veteran Sanford L. Kane Joins Legacy as CEO FREMONT, Calif., April 10 /PRNewswire/ -- Legacy Systems Incorporated, a manufacturer of wet processing equipment for the semiconductor industry, announced today that it recently raised $1,000,000 in equity financing from Alliance Ventures I, a wholly owned venture fund of Alliance Semiconductor Corporation. The investment provides Alliance Ventures with a minority equity position in Legacy. In addition, Dan Reddy, Chairman, President and CEO of Alliance Semiconductor has become a member of the Board of Directors of Legacy Systems. Over the past several years, Legacy Systems has developed and introduced into the market a variety of wet processing equipment utilizing proprietary ozone based technology, which has the potential for a true leadership position in the industry. Recently, the company has moved to a new, larger facility with clean room capability in Fremont, California. Coincident with the financial investment, Sanford L. Kane has joined Legacy Systems as Chairman of the Board and CEO. Robert Matthews, founder of Legacy Systems, will now assume the role of president and Chief Technology Officer (CTO). Complementing Mr. Mathews' extensive technical expertise, Mr. Kane brings more than thirty years of semiconductor and electronics industry business experience to Legacy. Mr. Kane spent 27 years at IBM, most recently as Vice President of Industry Operations in their semiconductor sector. In this capacity he represented IBM on the board of the Semiconductor Industry Association and was instrumental in the formation of Sematech. He was also the first Chairman and CEO of Tower Semiconductor Ltd., an Israeli based semiconductor foundry operation. "Legacy is now on the threshold of achieving its potential," stated Mr. Kane. "The combination of Alliance's investment and my industry experience, coupled with Legacy's unique technology, puts us in a position to lead the wet processing equipment industry." About Legacy Systems Founded in 1989, Legacy Systems manufactures wet processing equipment for the semiconductor industry. Headquartered in Fremont, California, the company has developed a variety of wet processing equipment utilizing proprietary ozone-based technology, which is cost-effective and environmentally friendly. In 1997, the company's unique approach to wet processing was recognized by the United States Environmental Protection Agency for hazardous waste reduction when the company received the United States Presidential Green Chemistry Challenge Award.