HONG KONG, June 27, 2012 /PRNewswire-Asia/ -- ACL Semiconductors Inc. (ACLO.OB) ("ACL"), a China-based distributor of semiconductor components in Hong Kong and Southern China, announced today that ATMD (Hong Kong) Limited ("ATMD"), the Company's joint venture with Tomen Devices Corporation ("Tomen"), has executed a distributorship agreement with Shanghai Samsung Semiconductor Co., Ltd. Pursuant to the agreement, ATMD has become a non-exclusive supplier of Samsung's semiconductor and LCD products in the Greater China market, which comprises the People's Republic of China and Hong Kong.
Mr. Chung-Lun Yang, Chairman and Chief Executive Officer of ACL Semiconductors Inc., commented, "ACL is continuing its business transformation and diversification. We are pleased that the distributorship agreement between ATMD and Samsung has been executed. ATMD is the process of setting up its operating systems and is on track to commence business directly with Samsung during the third quarter."
As previously announced, ACL Holdings entered into an agreement on March 9, 2012 with Tomen to create the joint venture ATMD, which became effective as of April 1, 2012. As a part of that agreement, ATMD issued $10 million in share capital, and is 30% owned by ACL Holdings and 70% owned by Tomen.
About ACL Semiconductors Inc.
ACL Semiconductors Inc. is a China-based distributor of semiconductor components in Hong Kong and Southern China. Starting April 1, 2012, ACL is distributing Samsung's semiconductor and LCD products through ATMD, a newly established joint venture with Tomen Devices. ACL has announced two pending acquisitions that will drive ACL's product diversification to higher margin electronic components products. Semiconductor products are used in everything from mobile phones, digital cameras and laptop computers to MP3 players and Wi-Fi products. For more information about ACL Semiconductors Inc. please visit ACL Semiconductors Inc.' corporate website at http://www.acl-semicon.com.
This information contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, when used in the preceding discussion, the words "plan," "confident that," "believe," "scheduled," "expect," or "intend to," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, the availability of components and successful production of the company's products, the process of the new joint venture with Tomen, general acceptance of the company's products and technologies, competitive factors, timing, and other risks described in the company's SEC reports and filings.
SOURCE ACL Semiconductors Inc.