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Tower Semi receives $20M investment

Posted: 09 Jan 2009 ?? ?Print Version ?Bookmark and Share

Keywords:investment cash? agreement Tower Israel? Tower $20 million?

Israel Corp. has made a $20 million cash investment in Tower Semiconductor Ltd, in accordance with their agreement announced Sept. 25, 2008.

According to the terms of the agreement, Israel Corp. has invested $20 million for Tower's equity equivalent capital notes based on a $0.26 value per share. The equity equivalent capital notes have no voting rights, no dividend rights, are not tradable, do not carry interest, are not linked to any index and are not redeemable.

"We are pleased that Israel Corp. continues to show its support of Tower," commented Russell Ellwanger, Tower CEO. "This additional capital will assist us in continuing our efforts to become the leading specialty foundry in the world and will provide needed flexibility as we continue to leverage the synergies inherent in our merger with Jazz Technologies and streamline our worldwide operations."

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