Seoul, Korea, May 02, 2001
hynix Semiconductor Inc. (hynix, www.hynix.com) announced yesterday that it had completed the official spin-off of its handset operation. On April 6, hynix filed the registration documents to establish a new company and completed the legal procedure on April 30. The unit was officially spun-off yesterday. The unit, which recorded 712.8 billion won in sales last year, will be reborn as a specialist handset company ‘ Hyundai Curitel, Inc.’ with estimated assets of 258 billion won. Mr. M.S.Song, president of the telecommunications unit and handset operation has been named as CEO of the new company. hynix will provide capital of 40 billion won to cover operational costs. Since the announcement of the self-help plan early this year, hynix has completed asset sales of 325.5 billion won to date. These sales include, the Gullivers basketball team at 7.2 billion won, stakes in Hyundai Logistics Co., Ltd. at 7.6 billion won, a water treatment facility at 207.7 billion won and its Young dong building at 103 billion won. In addition to the asset sales, hynix has spun off non-core business units such as satellite service and customer service operation. With the recent separation of the ADSL and handset operation, hynix has demonstrated its continuing commitment to corporate restructuring so that it will become a focused Semiconductor company. The progress made with the Company’s restructuring will contribute to the raising of foreign capital that will assist in the management of its liquidity issues. ### About hynix Semiconductor Inc. hynix Semiconductor Inc.(hynix) 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), telecommunications and liquid crystal displays. The Semiconductor Group of hynix is the world’s largest DRAM supplier with 11 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. More information on hynix Semiconductor Inc. and its products is available from the company’s web site at www.hynix.com. “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.”
