PSIT Psi Tech Hldgs (MM)

MANILA, Philippines, June 2 /PRNewswire-FirstCall/ -- PSi Technologies Holdings, Inc. (NASDAQ:PSIT), a leading independent provider of assembly and test services for the power semiconductor market, today announced the signing of an amendment to the $4 million exchangeable senior subordinate note issued to Merrill Lynch Global Emerging Markets Partners, LLC, an affiliate of Merrill Lynch Global Emerging Markets Partners, L.P., the Company's majority shareholder. The amendment, dated May 30, 2008, extends the maturity date of the aforementioned note from June 1, 2008 to July 31, 2008. The note is issued by the Company's principal operating subsidiary, and it accrues interest at 10% per year, net of Philippine withholding tax. The note is exchangeable into the Company's common stock at a price of $1.06 per share. About PSi Technologies Holdings, Inc. 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 Infineon Technologies, ON Semiconductor, Philips Semiconductor, and ST Microelectronics. For more information, visit the Company's web site at http://www.psitechnologies.com/. 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, 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: Larry Cajucom of PSi Technologies Holdings, Inc., +(63 2) 838 4489, ; or Lasse Glassen of Financial Relations Board, +1-213-486-6546, , for PSi Technologies Holdings, Inc. Web site: http://www.psitechnologies.com/

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