Mr. Vernia agreed to stay in his current positions while the board appoints his replacements to ensure a smooth transition. Mr. Vernia will continue to serve on the board of directors of Tower after stepping down as chairman and CEO.
About Tower Semiconductor Ltd.
Tower Semiconductor LTD. is a pure-play independent wafer foundry established in 1993. The company manufactures integrated circuits with geometries ranging from 1.0 to 0.13 micron; it also provides complementary technical services and design support. In addition to digital CMOS process technology, Tower offers advanced non-volatile memory solutions, mixed-signal and CMOS image-sensor technologies. To provide world-class customer service, the company maintains two manufacturing facilities: Fab 1 has process technologies from 1.0 to 0.35 micron and can produce up to 16,000 150mm wafers per month. Fab 2 features 0.18 micron and below process technologies, including foundry-standard technology. When fully equipped, Fab 2 is expected to offer full production capacity of 33,000 200mm wafers per month. Tower's Web site is located at www.towersemi.com.
Tower Semiconductor USA Michael Axelrod, 1-408-330-6871 Email Contact or Pacifico Inc. PR Agency Contact Mary Curtis, 1-408-293-8600 Email Contact or Fusion IR & Communications Investor Relations Contact Sheldon Lutch, 1-212-268-1816 Email Contact