Seoul, Korea, June 25, 2001
hynix Semiconductor Inc. (www.hynix.com) announced today that it had achieved asset sales of 450 billion won in the first half of this year, exceeding its originally targeted amount of 400 billion won.
hynix plans to raise 1 trillion won in asset sales by the end of this year. Since the announcement of the re-capitalization plan early this year, hynix has completed asset sales of nearly 450 billion won to date. These sales include, the Gullivers basketball team in February, a water treatment facility and stakes in Hyundai Logistics Co., Ltd in March, the Young dong building in April and treasury stock and other assets in May.
The additional amount resulted from hynix withdrawing 42 million dollars ( 54.5 billion won) from an escrow account in respect of the sale of its shares in Globalstar, a low orbit satellite business that hynix sold in 1998. The Company is now able to withdraw the remaining balance from the escrow account as the undertaking it gave to Loral Corp, the U.S. firm who preside over the Globalstar business has expired. hynix had purchased the shares of Globalstar in 1994 and sold them in 1998 for 82 million dollars.
About hynix Semiconductor Inc
hynix Semiconductor Inc. (HSI) of Ichon, Korea, is an industry leader in the development, sales, marketing and distribution of high-quality semiconductors, including DRAM, SRAM, Flash memory and system IC devices. hynix Semiconductor is the world’s largest DRAM supplier with eleven semiconductor-manufacturing facilities worldwide, and production capacity of over 300,000 wafer starts per month. In addition, hynix is expanding its system IC business unit with leading technology and added deep-submicron foundry services to strategically broaden its overall semiconductor presence and achieve its goal of leading the global semiconductor market. Based in Korea, hynix maintains development, manufacturing, sales and marketing facilities strategically located worldwide.
“These materials are not an offer for sale of the Securities in the United States. The Securities may not be sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. hynix Semiconductor Inc. does not intend to register any portion of the offering in the United States or to conduct a public offering of Securities in the United States.”
