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Technology Stocks : WDC/Sandisk Corporation -- Ignore unavailable to you. Want to Upgrade?

To: ColtonGang who wrote (14395)	8/30/2000 8:25:28 AM
From: ColtonGang	Respond to of 60323

Tower Semiconductor Ltd. (NASDAQ: TSEM - news) and Alliance Semiconductor Corporation (NASDAQ: ALSC - news) announced today that they have entered into a definitive agreement under which Alliance will make a $75 million strategic investment in Tower as part of Tower's plan to build its new Fab. In return for its investment, Alliance will receive equity, corresponding representation on Tower's Board of Directors and committed production capacity in the advanced fab which Tower intends to commence building this year. Tower recently concluded a similar agreement with SanDisk Corporation (NASDAQ: SNDK - news). The Company has announced its intention to raise additional equity, mostly from other strategic partners in similar transactions. In announcing the agreement, N.D. Reddy, Chairman, President and CEO of Alliance, said, ``We are very excited about entering into this partnership with Tower. This partnership will provide Alliance with access to Tower's unique microFLASH® technology for standard and embedded applications for the next generation of communication products at 0.18 to 0.13 micron technologies, as well as guaranteed wafer capacity.'' Dr. Yoav Nissan-Cohen, Tower's Co-Chief Executive Officer, said, ``I am pleased to announce that Alliance will now join SanDisk and Toshiba as an investor and partner in our new Fab. Alliance's position as a fabless, specializing in the memory and memory-intensive logic designs, is an excellent fit to our new fab strategy. In particular, I am thrilled to have the support of N.D Reddy, who is one of the leading executives of the fabless industry and brings to us rich experience in similar fab projects.'' Dr. Nissan-Cohen added, ``We expect that, within the coming weeks, the government grant will be approved and additional wafers partners will join the project, which will enable us to start the construction of the new Fab.''