Tower Semi receives $44.7M from strategic and equity investors

Oct. 3, 2002 – Migdal Haemek, Israel – Tower Semiconductor has received $44.7 million of the aggregate $305 million investment committed to the Fab 2 project by Tower’s partners.

Of this installment, $14.7 million has been established as a credit to be applied primarily against future wafer purchases from Fab 2 production and $30 million has been established against 6,126,340 ordinary shares for the price of $4.908/share, which is the average trading price at the last 30 trading days prior to the payment.

These shares are distributed as follows: SanDisk Corp. – 1,344,829 shares; Alliance Semiconductor – 1,344,829 shares; Macronix International – 1,344,829 shares; Israel Corp.-Technologies Ltd. – 1,494,161 shares; QuickLogic – 448,276 shares; and The Challenge Fund – 149,416 shares.

To date, the wafer and financial partners have invested a total of $ 260.7 million.

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