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Additionally, ISSI announced that ISSI and Uphill have withdrawn and then refiled their notice to the Committee on Foreign Investment in the United States ("CFIUS") for clearance of the pending acquisition of ISSI by Uphill.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.
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.