ZHUHAI, China, June 24, 2016 /PRNewswire/ -- Actions
Semiconductor Co., Ltd. (ACTS) ("Actions Semiconductor" or the
"Company"), one of China's leading
fabless semiconductor companies that provides comprehensive
portable multimedia and mobile internet system-on-a-chip (SoC)
solutions for portable consumer electronics, today announced that
the independent special committee of the Company's Board of
Directors (the "Special Committee"), formed to evaluate the
previously announced preliminary non-binding "going-private"
proposal received on May 19, 2016,
has retained Houlihan Lokey
(China) Limited as its financial
advisor.
The Special Committee cautions the Company's shareholders and
others considering trading in the Company's securities that no
decision has been made on the response to the proposal. There can
be no assurance that any definitive offer will be made, that any
agreement will be executed or that this or any other transaction
will be approved or consummated. The Special Committee does not
undertake any obligation to provide any updates with respect to
this or any other transaction, except as required under applicable
law.
About Actions Semiconductor
Actions Semiconductor is one of China's leading fabless semiconductor
companies that provides comprehensive portable multimedia and
mobile internet system-on-a-chip (SoC) solutions for portable
consumer electronics. Actions Semiconductor products include SoCs,
firmware, software, solution development kits, as well as detailed
specifications of other required components. Actions Semiconductor
also provides total product and technology solutions that allow
customers to quickly introduce new portable consumer electronics to
the mass market in a cost effective way. The Company is
headquartered in Zhuhai, China,
with offices in Shanghai,
Shenzhen, Hong Kong and Taipei. For more information, please visit the
Actions Semiconductor website at http://www.actions-semi.com.
"Safe Harbor" Statement under the Private Securities
Litigation Reform Act of 1995
Statements contained in this release that are not historical
facts are forward-looking statements, as that term is defined in
the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements include statements concerning the
preliminary, non-binding going private proposal. Actions
Semiconductor uses words like "believe," "anticipate," "intend,"
"estimate," "expect," "project" and similar expressions to identify
forward-looking statements, although not all forward-looking
statements contain these words. These forward-looking statements
are estimates reflecting current assumptions, expectations and
projections about future events and involve significant risks, both
known and unknown, uncertainties and other factors that may cause
Actions Semiconductor's actual performance, financial condition or
results of operations to be materially different from those
suggested by the forward-looking statements including, among
others, customers' cancellation or modification of their orders;
our failure to accurately forecast demand for our products; the
loss of, or a significant reduction in orders from, any of our
significant customers; fluctuations in our operating results; our
inability to develop and sell new products; defects in or failures
of our products; the expense and uncertainty involved in our
customer design-win efforts; the financial viability of the
distributors of our products; consumer demand; worldwide economic
and political conditions; fluctuations in our costs to manufacture
our products; our reliance on third parties to manufacture, test,
assemble and ship our products; our ability to retain and attract
key personnel; our ability to compete with our competitors; and our
ability to protect our intellectual property rights and not
infringe the intellectual property rights of others. Other factors
that may cause our actual results to differ from those set forth in
the forward-looking statements contained in this press release and
that may affect our prospects in general are described in our
filings with the Securities and Exchange Commission, including our
most recently filed Forms F-1, 20-F and 6-Ks. Other unknown or
unpredictable factors also could have material adverse effects on
Actions Semiconductor's future results, performance or
achievements. In light of these risks, uncertainties, assumptions
and factors, the forward-looking events discussed in this press
release may not occur. You are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date stated, or if no date is stated, as of the date of this
press release. Except as required by law, Actions Semiconductor
undertakes no obligation and does not intend to update or revise
any forward-looking statement to reflect subsequent events or
changed assumptions or circumstances.
Investor
Contacts:
|
|
Elaine Ketchmere,
CFA
|
Ally Xie, CA,
CPA
|
Compass Investor
Relations
|
Actions
Semiconductor
|
Eketchmere@compass-ir.com
|
investor.relations@actions-semi.com
|
+1
310-528-3031
|
+86-756-3392353*1018
|
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SOURCE Actions Semiconductor Co., Ltd.