MILPITAS, Calif., Aug. 18, 2015 /PRNewswire/ -- Integrated
Silicon Solution, Inc. (Nasdaq: ISSI) announced today that it has
submitted to the Taiwan regulatory
authorities an application for the approval of the transfer of the
shares of ISSI's Chingis Technology subsidiary to MediaTek Capital
Corp. pursuant to the previously announced Share Sale and Purchase
Agreement between ISSI and MediaTek Capital Corp. In
connection with obtaining the required regulatory approval related
to ISSI's acquisition by Uphill Investment Co. ("Uphill"), ISSI
also filed applications with the Taiwan regulatory authorities for the change
of company ownership status of its remaining subsidiaries in
Taiwan.
Additionally, ISSI announced that ISSI and Uphill have withdrawn
and then refiled their notice to the Committee on Foreign
Investment in the United States
("CFIUS") for clearance of the pending acquisition of ISSI by
Uphill. This action was taken due to recent changes in the
information contained in the initial CFIUS notice related to the
ownership structure of Uphill. ISSI and Uphill continue to
believe that the required approval from CFIUS will be
obtained. However, the refiled notice will commence a new
CFIUS review period. Upon acceptance of the refiled notice by
CFIUS, the initial 30 day review period will begin and such period
may be extended into an investigation that can last up to an
additional 45 days.
ISSI expects that the closing of the merger with Uphill will
occur late in the third calendar quarter or early in the fourth
calendar quarter.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Statements concerning our belief that the required approval
from CFIUS will be obtained and expecting that the closing of the
merger will occur late in the third calendar quarter or 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 CFIUS, the satisfaction of the other closing
conditions in the Uphill merger agreement (including the timing and
ability to obtain regulatory approval in Taiwan of the sale of ISSI's Chingis
subsidiary and the sale of ISSI to Uphill), 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.
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.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/issi-provides-further-update-on-regulatory-approvals-300130260.html
SOURCE Integrated Silicon Solution, Inc.