Alliance Semiconductor Begins Proceedings to Dissolve and Suspend SEC Reporting; Investor Call Scheduled
September 03 2008 - 1:28PM
Business Wire
Alliance Semiconductor Corporation announced that its Board of
Directors has determined to begin proceedings to dissolve the
corporation. Melvin Keating, President and CEO, noted that the
company has for some time been considering whether to re-invest in
another business or to liquidate and distribute its net assets to
shareholders. Bryant Riley, Alliance�s chairman, noted that since
the new board took office, Alliance had sold its operating
businesses and its venture capital portfolio, and had liquidated
its holdings in two publicly traded semiconductor companies. �I am
pleased that we have paid cash dividends of $4.35 per share as a
result of these sales and the favorable resolution of certain tax
audits, and I hope we can distribute additional amounts,� Mr. Riley
said. To conserve cash and reduce costs, Alliance has already
substantially reduced its staff and the amount of office space it
leases. Additional reductions in overhead are being explored.
Further, given the corporation�s plan to dissolve and the small
number of stockholders, the Alliance board has authorized the
filings necessary to suspend the corporation�s reporting
obligations under the Securities Exchange Act of 1934. Mr. Keating
noted that the amount and timing of additional distributions to
shareholders is uncertain, especially because the company�s holding
of auction rate certificates will need to be monetized in an
orderly manner. Alliance plans to hold on investor conference call
on September 4, 2008 at 10:00 A.M., Pacific Time, to permit
interested investors to ask questions about the planned
dissolution. To participate, please dial (866) 383-7989, and use
passcode 58784435. International participants should dial in at
(617) 597-5328 and use the same passcode.
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