PSi Technologies Amends Its US$ 4 Million Exchangeable Senior Subordinated Note
19 August 2008 - 6:45AM
PR Newswire (US)
MANILA, Philippines, Aug. 18 /PRNewswire-FirstCall/ -- PSi
Technologies Holdings, Inc. (NASDAQ:PSIT), an 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 August 15, 2008, increases the
principal amount of the note from $4 million to $5,656,714 and
extends the maturity date of the aforementioned note from August
15, 2008 to June 1, 2009. The maturity of the aforementioned note
had previously been extended from June 1, 2008 to August 15, 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 equal to the average price per share of the
publicly traded ADS for a 90 consecutive days trading period prior
to August 15, 2008. 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, NXP Semiconductor, ON Semiconductor, Power
Integrations 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 Cajucom Lasse Glassen (63 2) 838 4489 (213) 486 6546 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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