Alliance Semiconductor Corporation announced that one of its wholly-owned subsidiaries had entered into an agreement to sell a parcel of land located outside of Hyderabad, India for approximately $3,132,000 as of June 8, 2006. Alliance's subsidiary received a deposit equal to approximately $870,000 upon execution of the agreement. If the sale is not completed by July 24, 2006, the agreement will terminate and Alliance's subsidiary will retain a portion of the deposit.
In addition, Alliance has recently entered into two separate asset purchase agreements for the sale of assets relating to its memory business units. On May 11, 2006, Alliance completed the sale of certain assets related to its asynchronous static random access memory (SRAM) and dynamic random access memory (DRAM) products and devices, including intellectual property, other proprietary rights and inventory. On June 10, 2006, Alliance agreed to sell certain assets related to its Synchronous SRAM products and devices, including product rights, intellectual property, proprietary information and inventory.
Alliance also announced that it had completed the sale of its analog and mixed signal business unit in a transaction valued at $9.25 million in the aggregate, pursuant to an asset purchase agreement that was signed with PulseCore Holdings (Cayman) Inc. and its affiliates on May 1, 2006.
Mel Keating, president and chief executive officer of Alliance, said, "We are pleased that we have completed the final steps toward our goal of exiting all semiconductor businesses, stemming the previous losses and drastically reducing costs while creating real value for Alliance stockholders."
Alliance Semiconductor Corporation
