ASTT Asat Hldg Ltd American Dep (MM)

HONG KONG and MILPITAS, Calif., Aug. 1 /PRNewswire-FirstCall/ -- ASAT Holdings Limited (NASDAQ:ASTT) announced that its wholly-owned subsidiary, New ASAT (Finance) Limited (the "Company"), today commenced the solicitation of consents from the holders of the $150 million aggregate principal amount of outstanding 9.25% Senior Notes due 2011 (the "Senior Notes) to the amendment of certain provisions of the indenture, dated as of January 26, 2004, pursuant to which the Senior Notes were issued. ASAT is seeking consents for amendment or waiver of certain defaults and events of default that may have occurred or may occur. The proposed amendments, if adopted, will among other things: (i) eliminate restrictions on the value of the assets that may be held by ASAT Semiconductor (Dongguan) Limited ("ASDL"), ASAT Holdings' Chinese subsidiary; (ii) expand the ability of ASAT Holdings and its subsidiaries to secure financing from additional sources; and (iii) extend the deadline for ASAT Holdings to fulfill its reporting obligations under the indenture. Holders of the Senior Notes are referred to the Company's Consent Solicitation Statement and materials, which will be mailed to each record holder, for the detailed terms and conditions of the consent solicitation. (Logo: http://www.newscom.com/cgi-bin/prnh/20030414/ASATLOGO) The consent solicitation will expire at 5:00 p.m., New York City time, on August 20, 2007, unless extended by the Company (the "Consent Deadline"). Only holders of record as of 5:00 p.m., New York City time, on July 25, 2007 are eligible to deliver consents to the proposed amendments in the consent solicitation. ASAT Holdings has retained Piper Jaffray & Co. to serve as Solicitation Agent for the consent solicitation. Questions concerning the terms of the consent solicitation should be directed to Michael Hsieh of Piper Jaffray & Co. at (212) 284-9589. ASAT Holdings has also retained The Bank of New York to serve as its Information Agent and Tabulation Agent for the consent solicitation. Requests for assistance in delivering consents should be directed to Fernando Hutapea of The Bank of New York in Singapore at +65-6432-0346. Requests for copies of the Consent Solicitation Statement can be directed to either Piper Jaffray & Co. or The Bank of New York. Piper Jaffray & Co. and ASAT Holdings management will host a conference call with current bondholders on Monday, August 6, 2007 at 9:00 a.m. ET. Please contact Michael Hsieh of Piper Jaffray & Co. at (212) 284-9589 for further details. This press release is not an offer to purchase or sell, a solicitation of an offer to purchase or sell, or a solicitation of consents with respect to any securities. The consent solicitation is being made solely on the terms and subject to the conditions set forth in the Consent Solicitation Statement dated August 1, 2007 and the accompanying Second Supplemental Indenture. The adoption of the proposed amendments requires the receipt of valid consents in respect of a majority in aggregate principal amount of all outstanding Senior Notes by the Consent Deadline. About ASAT Holdings Limited ASAT Holdings Limited is a global provider and leading developer of semiconductor package design, assembly, and test services. With 18 years of experience, ASAT offers a definitive selection of semiconductor packages and world-class manufacturing lines. ASAT's advanced package portfolio includes standard and high thermal performance ball grid arrays, leadless plastic chip carriers, thin array plastic packages, system-in-package technology, and flip chips. ASAT was the first company to develop moisture-sensitive level one capability on standard leaded products. Today, ASAT has operations in the United States, Asia, and Europe. For more information, visit http://www.asat.com/. Safe Harbor This press release may contain statements of a forward-looking nature. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," and similar statements. The accuracy of these statements may be impacted by a number of business risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including the ability of ASAT's management to effectively lead the company, the risk that ASAT may not be able to attract qualified people to its management team or retain its existing management and employees, possible disruptions to its business and operations caused by changes in senior management, the ability to complete the consent solicitation on terms acceptable to us, and those risks outlined in ASAT's filings with the Securities and Exchange Commission. ASAT does not undertake any obligation to update this forward-looking information, except as required under applicable law. http://www.newscom.com/cgi-bin/prnh/20030414/ASATLOGO http://photoarchive.ap.org/ DATASOURCE: ASAT Holdings Limited CONTACT: Jim Fanucchi of Summit IR Group Inc., +1-408-404-5400, Web site: http://www.asat.com/

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