Integrated Silicon Solution completes Giantec spin-off

Integrated Silicon Solution has completed the spin-off of its subsidiary, Giantec Semiconductor, which focuses on the ASSP business that includes EEPROM and SmartCard products.

As part of the spin-off process, Giantec received an additional direct investment of $3.75m (£2.41m) from Shanghai Pudong Science and Technology and $250,000 from Super Solution, resulting in ISSI’s ownership percentage now being less than 50 per cent.

Revenue and operating results of Giantec will only be included in ISSI’s consolidated financial statements through 30 December 2010, the date on which the investment transaction closed. 

Thereafter, ISSI’s operating results will reflect its proportional share of Giantec’s net income or loss and ISSI’s balance sheet will not include any of Giantec’s assets or liabilities.