MILPITAS, Calif., Sept. 11, 2015 /PRNewswire/ -- Integrated Silicon
Solution, Inc. (Nasdaq: ISSI), a global fabless semiconductor
company, today announced that it has completed the sale of its
Chingis subsidiary to MediaTek Capital Corp. for $27.1 million pursuant to the previously
announced Share Sale and Purchase Agreement. This transaction
was completed following the receipt of regulatory approval in
Taiwan.
The foregoing transaction was a key part of the internal
restructuring of ISSI's operations in Taiwan as contemplated by the Agreement of
Merger dated as of March 12, 2015, as amended (the "Merger
Agreement"), between ISSI and Uphill Investment Co ("Uphill") under
which Uphill agreed to acquire ISSI for $23.00 per share in cash. ISSI has now
completed the restructuring of its Taiwan operations subject to obtaining
approval from the Taiwan Investment Commission.
Upon obtaining the foregoing approval and upon the satisfaction
of the other conditions in the Merger Agreement, ISSI and Uphill
expect that the closing of the merger will occur early in the
fourth calendar quarter.
About ISSI
ISSI is a fabless semiconductor company that designs and markets
high performance integrated circuits for the following key markets:
(i) automotive, (ii) communications,
(iii) industrial, and (iv) digital consumer. ISSI's
primary products are high speed and low power SRAM and low, and
medium and high density DRAM. ISSI also designs and markets NOR
flash products and high performance analog and mixed signal
integrated circuits. ISSI is headquartered in Silicon Valley with
worldwide offices in Taiwan,
Japan, Singapore, China, Europe, Hong
Kong, India, and Korea.
Visit ISSI's web site at www.issi.com.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Statements concerning obtaining approval from the Taiwan
Investment Commission and expecting that the closing of the merger
will occur early in the fourth calendar quarter are forward-looking
statements that involve risks and uncertainties that could cause
actual results to differ materially from those anticipated. Such
risks and uncertainties include the timing and ability to obtain
regulatory approval from the Taiwan Investment Commission and from
CFIUS, the satisfaction of the other closing conditions in the
Merger Agreement, the outcome of any existing or future litigation
involving the acquisition transaction or other risks listed from
time to time in ISSI's filings with the SEC, including ISSI's Form
10-K for the year ended September 30, 2014 and Form 10-Q for
the quarter ended June 30, 2015. ISSI
assumes no obligation to update or revise the forward-looking
statements in this press release because of new information, future
events, or otherwise.
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SOURCE Integrated Silicon Solution, Inc.