PSi Technologies Consolidates Operations
06 Aprile 2006 - 12:00AM
PR Newswire (US)
MANILA, Philippines, April 5 /PRNewswire-FirstCall/ -- PSi
Technologies Holdings, Inc., (NASDAQ:PSIT), a leading independent
provider of assembly and test services for the power semiconductor
market, today announced that it has informed the Management
Committee of the Chengdu Hi-Tech Zone of its decision to close
PSi's facility in Chengdu, Sichuan, China. Commercial operations
are expected to cease by the end of April 2006, with loading from
the Chengdu facility partially shifting to PSi's facility in
Laguna, Philippines. The Company expects to incur approximately
$2.9 million in asset impairment charges and $0.23 million in
severance costs. Post closure and dissolution, the Company expects
to reduce consolidated operating losses by up to $1.8 million on an
annualized basis. About PSi Technologies PSi Technologies is a
focused independent semiconductor assembly and test service
provider to the power semiconductor market. The Company provides
comprehensive package design, assembly and test services for power
semiconductors used in telecommunications and networking systems,
computers and computer peripherals, consumer electronics,
electronic office equipment, automotive systems and industrial
products. Their customers include most of the major power
semiconductor manufacturers in the world such as Fairchild
Semiconductor, Infineon Technologies, ON Semiconductor, Philips
Semiconductor, and ST Microelectronics. For more information, visit
the Company's web site at http://www.psitechnologies.com/ or call:
At PSi Technologies Holdings, Inc.: At Financial Relations Board:
Edison G. Yap, CFA Amy Cozamanis (63 917) 894 1335 (310) 854 8314
Safe Harbor Statement This press release contains forward-looking
statements that involve risks and uncertainties. Actual results and
outcomes may differ materially. Factors that might cause a
difference include, but are not limited to, those relating to the
pace of development and market acceptance of PSi's products and the
power semiconductor market generally, commercialization and
technological delays or difficulties, the impact of competitive
products and technologies, competitive pricing pressures,
manufacturing risks, the possibility of our products infringing
patents and other intellectual property of third parties, product
defects, costs of product development, manufacturing and government
regulation, audit review, risks inherent in emerging markets,
including but not limited to, currency volatility and depreciation,
restricted access to financing and political and social unrest and
the possibility that the initiatives described herein may not
produce the intended results. PSi undertakes no responsibility to
update these forward-looking statements to reflect events or
circumstances after the date hereof. More detailed information
about potential factors that could affect PSi's financial results
is included in the documents PSi files from time to time with the
Securities and Exchange Commission. DATASOURCE: PSi Technologies
Holdings, Inc. CONTACT: Edison G. Yap, CFA of PSi Technologies
Holdings, Inc., (63 917) 894 1335, ; or Amy Cozamanis of Financial
Relations Board, +1-310-854-8314, , for PSi Technologies Holdings,
Inc. Web site: http://www.psitechnologies.com/
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