PSi Technologies Issues Announcement Pursuant to Nasdaq Marketplace Rule 4350(B)
19 July 2008 - 6:00AM
PR Newswire (US)
MANILA, Philippines, July 18 /PRNewswire-FirstCall/ -- PSi
Technologies Holdings, Inc., (NASDAQ:PSIT), a leading independent
provider of assembly and test services for the power semiconductor
market, today announced that its financial statements for the year
ended December 31, 2007, contained in its Annual Report on Form
20-F for the year ended December 31, 2007, as filed with the
Securities and Exchange Commission on July 15, 2008, included an
audit report containing a going concern statement from its
independent public accounting firm. This announcement is being made
in compliance with Nasdaq Marketplace Rule 4350(b)(i)(B), which
requires separate disclosure of receipt of an audit opinion that
contains a going concern qualification. This announcement does not
represent any change or amendment to the Company's 2007 financial
statements or its Annual Report on Form 20-F. Additionally, in its
Annual Report on Form 20-F for the year ended December 31, 2007, as
filed with the Securities and Exchange Commission on July 15, 2008,
the Company disclosed that its Board of Directors determined that,
as of July 15, 2008, it did not have an audit committee of at least
three members. As a foreign private issuer, the Company may follow
its home country practices regarding corporate governance in lieu
of the corporate governance requirements of Nasdaq. Under
Philippine law, the Company is not required to have an audit
committee, and therefore, is not required to have at least three
members on its Audit Committee as mandated by Nasdaq Rule
4350(d)(2). In accordance with Nasdaq Marketplace Rule 4350(a)(1),
the Company's Philippine counsel has issued a written statement to
Nasdaq certifying that its corporate governance practices are not
prohibited by, and are consistent with, Philippine law and
practice. As of July 18, 2008, the Company has identified the third
member of its Audit Committee, and expects thereby, in the near
future, to align the corporate governance practices of its Audit
Committee with those of U.S. domestic companies under Nasdaq
Marketplace Rules. Further information regarding the going concern
statement and the Company's Audit Committee can be found in the
Company's Annual Report on Form 20-F for the year ended December
31, 2007, as filed with the Securities and Exchange Commission on
July 15, 2008. About PSi Technologies 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/ or call: At PSi Technologies
Holdings, Inc.: At Financial Relations Board: Larry V. Cajucom, Jr.
Lasse Glassen Telephone No.: (632) 838 4489 Telephone No.: 1 (213)
486 6546 Email: Email : Safe Harbor Statement This press release
may contain 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 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 V. Cajucom, Jr. of
PSi Technologies Holdings, Inc., +1-632-838-4489, ; or Lasse
Glassen, +1-213-486-6546, , for PSi Technologies Holdings, Inc. Web
site: http://www.psitechnologies.com/
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