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ALLIANCE SEMICONDUCTOR ANNOUNCES
AGREEMENT TO SELL
VENTURE PORTFOLIO TO QTV CAPITAL
SANTA CLARA,
Calif.—(BUSINESS WIRE)—December 1, 2006—
Alliance Semiconductor Corporation today announced that it has
signed an agreement with QTV Capital Limited for the sale of a
portfolio of venture securities held by five Alliance investment
partnerships. Under the terms of the agreement, QTV Capital has
agreed to pay $123.6 million in cash for all of the limited
partnership and general partnership interests in the five Alliance
partnerships that collectively hold a number of private company
investments. The transaction is subject to various standard closing
conditions, including approval by Alliance’s stockholders.
The parties will seek to complete the transaction as promptly as
practicable, and expect the transaction to close by the end of the
first calendar quarter of 2007. The transaction does not include
the sale of Alliance’s interests held by Solar Venture
Partners, LP. In addition, certain other minor investments held by
the five partnerships are not being sold in the
transaction.
Mel Keating,
President and CEO of Alliance said, “This agreement
represents a significant next step in our plan to return value for
Alliance stockholders and follows on the sale of our operating
businesses earlier this year. We continue to evaluate all available
alternatives and do not currently have any plans for a distribution
to stockholders upon the consummation of this transaction. We began
investigating the sale of our venture investments in early 2006,
and directed investment banking firm Needham & Company, LLC to
assist us in this effort. This agreement represents the culmination
of an extensive bidding process in which numerous parties expressed
interest. We are grateful to Needham & Company for their
assistance and believe that we have thoroughly explored available
alternatives.”
QTV Capital is
a successful venture capital fund located in Silicon Valley. QTV
Capital’s financial partner in the transaction is Pantheon
Ventures, Inc., a leading global private equity fund-of-funds
manager. “We are pleased to be selected by the Alliance board
for this purchase and look forward to adding our operational
management experience to the Alliance portfolio
companies,
helping them produce the best outcome possible for their
shareholders,” said Maury Domengeaux, Managing Director, QTV
Capital.
Forward-Looking Statements
Except for
historical information contained in this release, statements in
this release may c
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