HSINCHU, Oct. 15 /PRNewswire-Asia-FirstCall/ -- ChipMOS TECHNOLOGIES (Bermuda) LTD. ("ChipMOS" or the "Company") (Nasdaq: IMOS) today announced that it will hold a special meeting of shareholders on January 21, 2011 ("SGM"), to seek approval for a reverse stock split of ChipMOS's common stock with a ratio of 1-for-every-4 shares. ChipMOS's Board of Directors believes that implementing a reverse stock split on ChipMOS outstanding shares is likely to improve the marketability and liquidity of ChipMOS common stock.
ChipMOS's shareholders of record at the close of business November 17, 2010, will be entitled to vote at the SGM scheduled to be held on January 21, 2011. If approved by stockholders, the reverse split is expected to be implemented on the Company's common stock in the first quarter 2011.
The Company also confirmed that its subsidiary, ChipMOS TECHNOLOGIES, INC., a 91% owned subsidiary of ChipMOS, has received the payment of approximately US$67.8 million for the sale of recognized damage on breach of contract and liquidated damages rights against Spansion LLC as disclosed in the Company's January 14, 26 and October 4, 2010 press releases.
About ChipMOS TECHNOLOGIES (Bermuda) LTD.:
ChipMOS (http://www.chipmos.com ) is a leading independent provider of semiconductor testing and assembly services to customers in Taiwan, Japan, and the U.S. With advanced facilities in Hsinchu and Southern Taiwan Science Parks in Taiwan and Shanghai, ChipMOS and its subsidiaries provide testing and assembly services to a broad range of customers, including leading fabless semiconductor companies, integrated device manufacturers and independent semiconductor foundries.
Forward-Looking Statements
Certain statements contained in this announcement may be viewed as "forward-looking statements" within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual performance, financial condition or results of operations of the Company to be materially different from any future performance, financial condition or results of operations implied by such forward-looking statements. Further information regarding these risks, uncertainties and other factors is included in the Company's most recent Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (the "SEC") and in the Company's other filings with the SEC.
Contacts:
In Taiwan
Dr. S.K. Chen
ChipMOS TECHNOLOGIES (Bermuda) LTD.
Tel: +886-6-507-7712
Email: s.k._chen@chipmos.com
In the U.S.
Chesha Gibbons
Director of Investor Relations
Tel: +1-415-786-9684
Email: chesha_gibbons@chipmos.com
David Pasquale
Global IR Partners
Tel: +1-914-337-8801
Email: dpasquale@globalirpartners.com