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Tower Semiconductor obtains $2.5M in investments

Posted: 26 Aug 2003 ?? ?Print Version ?Bookmark and Share

Keywords:tower semiconductor? ic? semiconductor?

Wafer foundry Tower Semiconductor Ltd has received about $2.5 million of the aggregate $305 million investment committed to the Fab 2 project by Tower's partners. This investment represents a portion of the revised Milestone 5 investment, as approved by Tower's shareholders.

As previously announced, Tower's wafer and financial partners will invest a total of $24.6 million after Tower completes its 2003 financing package with its banks. The receipt of the current installment follows the recently announced arrangement with Tower's banks. To date, Tower's partners have advanced $15.9 million in connection with the 5th milestone payment.

Tower issued 838,082 ordinary shares in this investment, which were distributed to SanDisk Corp., Alliance Semiconductor, Macronix Int., and the Israel Corp. - Technologies Ltd.

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