ALERT: ChipMOS TARGETING 2Q13 LISTING OF SUBSIDIARY ON TAIWAN'S EMERGING STOCK MARKET; COMPANY ANNOUNCES NEW US$7.5 MILLION REPURCHASE PROGRAM
HSINCHU, Taiwan, March 18, 2013 /PRNewswire-FirstCall/ -- ChipMOS TECHNOLOGIES (Bermuda) LTD. ("ChipMOS" or the "Company") (Nasdaq: IMOS) today announced that its Board of Directors has approved plans for the listing of its subsidiary ChipMOS TECHNOLOGIES INC., a Taiwan corporation ("ChipMOS Taiwan"), on Taiwan's Emerging Stock Market. The Company has engaged an underwriter to facilitate the stock listing, which it expects will occur in the second quarter of 2013.
ChipMOS also announced that its Board of Directors has approved a new repurchase program of up to US$7.5 million of the Company's common shares, which are publicly listed on the NASDAQ. The repurchase program is in compliance with the requirements of Rule 10b5-1 and Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The Company expects the repurchase program to commence in the second quarter of 2013, with acquired shares being retired and cancelled. In 2012, the Company repurchased 701 thousand of its common shares for US$10.4 million under a previous repurchase program.
S.J. Cheng, Chairman and Chief Executive Officer of ChipMOS, said, "The Board's approval to pursue a Taiwan listing of our subsidiary and approval of a new share repurchase program reflect the confidence of both our Board of Directors and management in Company's financial strength, continued long-term growth prospects and our commitment to increasing shareholder value. We believe that the plans will benefit current and future shareholders as the Company further enhances its global profile."
About ChipMOS TECHNOLOGIES (Bermuda) LTD.:
ChipMOS (http://www.chipmos.com) is a leading independent provider of semiconductor testing and assembly services to customers in Taiwan, Japan, and the U.S. With advanced facilities in Hsinchu and Southern Taiwan Science Parks in Taiwan and Shanghai, ChipMOS and its subsidiaries provide testing and assembly services to a broad range of customers, including leading fabless semiconductor companies, integrated device manufacturers and independent semiconductor foundries.
Certain statements contained in this announcement may be viewed as "forward-looking statements" within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual performance, financial condition or results of operations of the Company to be materially different from any future performance, financial condition or results of operations implied by such forward-looking statements. Further information regarding these risks, uncertainties and other factors is included in the Company's most recent Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (the "SEC") and in the Company's other filings with the SEC.
SOURCE ChipMOS TECHNOLOGIES (Bermuda) LTD.