ISSI Announces CFIUS Clearance and Provides Update on Timing of Closing

Nov 02, 2015, 23:06 ET from Integrated Silicon Solution, Inc.

MILPITAS, Calif., Nov. 2, 2015 /PRNewswire/ -- Integrated Silicon Solution, Inc. (Nasdaq: ISSI) announced today that  the Committee on Foreign Investment in the United States (CFIUS) concluded its review of the proposed acquisition of ISSI by Uphill Investment Co. (Uphill) and found no unresolved national security concerns.  The closing of the Uphill transaction remains subject to approval from the Taiwan regulatory authorities with respect to the change of company ownership status of ISSI's subsidiaries in Taiwan as a result of the previously announced completion of the restructuring of ISSI's operations in Taiwan.  The transaction is also subject to customary approvals from the National Development and Reform Commission (NDRC), the Ministry of Commerce People's Republic of China (MOFCOM) and the State Administration of Foreign Exchange of the People's Republic of China (SAFE).  

ISSI and Uphill expect that the closing of the acquisition will occur in December.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The statement regarding that the closing of the acquisition will occur in December is a forward-looking statement that involves 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 regulatory authorities in Taiwan and from the NDRC and MOFCOM, the satisfaction of the other closing conditions in the Uphill merger agreement, the outcome of any 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.  

 

SOURCE Integrated Silicon Solution, Inc.



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