SAN JOSE, Calif., Jan. 8 /PRNewswire-FirstCall/ -- Integrated Silicon Solution, Inc. (Nasdaq: ISSI) today announced the formation of a separate business unit focused on its ASSP business that includes its EEPROM and SmartCard products. The new business unit, which will operate under the name of Giantec Semiconductor, Inc. ("Giantec"), intends to develop and market EEPROM, SmartCard, and analog power management devices. Giantec is headquartered in Shanghai, China. As part of this formation, Shanghai Zhang Jiang Science & Technology Investment Corporation committed to invest $3.75 million in Giantec. ISSI will still own more than 50 percent of Giantec after this investment and, as such, will continue to consolidate the financial statements of Giantec.
"We are very excited about the creation of Giantec, which combines our existing EEPROM and SmartCard business with analog power management capability. This new venture strengthens our business opportunity in the all important Chinese electronics market," said Scott Howarth, ISSI's President and CEO. "We are also pleased to obtain the investment of Shanghai Zhang Jiang Science & Technology Investment Corporation. Their commitment further enhances Giantec's position in the Chinese market," added Mr. Howarth.
About the Company
ISSI is a fabless semiconductor company that designs and markets high performance integrated circuits for the following key markets: (i) digital consumer electronics, (ii) networking, (iii) mobile communications, (iv) automotive electronics, and (v) industrial. The Company's primary products are high speed and low power SRAM and low and medium density DRAM. Through its Giantec business unit, the Company also designs and markets EEPROM, SmartCards and analog power management devices focused on its key markets. ISSI is headquartered in Silicon Valley with worldwide offices in Taiwan, Japan, Singapore, China, Europe, Hong Kong, India, and Korea. Visit our web site at http://www.issi.com.
Forward Looking Statements
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements concerning the intent to develop and market analog power management devices, the commitment of Shanghai Zhang Jiang Science & Technology Investment Corporation to invest in Giantec, strengthened business opportunity and the enhanced position of Giantec in the market 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 supply and demand conditions in the market place resulting from unexpected fluctuations in the market, liquidity and credit concerns or other factors, unexpected reductions in average selling prices for our products, our ability to sell our products for key applications and the pricing and gross margins achieved on such sales, our ability to control or reduce operating expenses, changes in manufacturing yields, order cancellations, order rescheduling, product warranty claims, competition, our ability to obtain a sufficient supply of wafers at acceptable prices, the level and value of inventory held by OEM customers, the actual investment by Shanghai Zhang Jiang Science & Technology Investment Corporation, or other risks listed from time to time in the Company's filings with the Securities and Exchange Commission, including the Company's Form 10-K for the year ended September 30, 2009. The Company assumes no obligation to update or revise the forward-looking statements in this release because of new information, future events, or otherwise.
SOURCE Integrated Silicon Solution, Inc.