(January 4, 2011 – PRNewswire via COMTEX) — Integrated Silicon Solution Inc. (Nasdaq: ISSI) completed the spin-off of its subsidiary, Giantec Semiconductor Inc., which focuses on the ASSP business that includes EEPROM and SmartCard products.
As part of the spin-off process, Giantec received an additional direct investment of $3.75 million from Shanghai Pudong Science and Technology Co., Ltd and $250,000 from Super Solution Limited, resulting in ISSI’s ownership percentage now being less than 50 percent. As such, the revenue and operating results of Giantec will only be included in ISSI’s consolidated financial statements through December 30, 2010, the date the new investment transaction closed. Thereafter, ISSI’s operating results will reflect its proportional share of Giantec’s net income or loss, and ISSI’s balance sheet will not include any of Giantec’s assets or liabilities. Giantec recorded $6.0 million of revenue in the quarter ended September 30, 2010.
"We are pleased that Giantec has received new investment from Shanghai Pudong Science and Technology and Super Solution Limited. Their investment provides Giantec with additional capital for growth, and we believe further enhances Giantec’s position in the Chinese market as a stand-alone company," said Scott Howarth, ISSI’s President and CEO. "This transaction also enables ISSI to focus our efforts and resources on further growing our business and penetrating our target markets."
ISSI is a fabless semiconductor company that designs and markets high-performance integrated circuits (ICs) for digital consumer electronics, networking, mobile communications, automotive electronics, and industrial sectors. Visit http://www.issi.com.
Also read: Reducing Flip Chip BGA Open and Short Fail Rate, by ISSI