MagnaChip Semiconductor Agrees to Acquire IC Media

Acquisition to Extend MagnaChip's Imaging Solution Leadership

SEOUL, South Korea, March 28 /PRNewswire/ -- MagnaChip Semiconductor today announced that it has signed a definitive agreement to acquire IC Media Corporation, a leading developer of CMOS image sensors, for an undisclosed amount. The transaction remains subject to certain closing conditions.

IC Media ( http://www.ic-media.com/) is a fabless semiconductor manufacturer, focused on the CMOS Image Sensor market, with multiple design wins at more than 25 customers. Founded in 1998, the privately held company introduced its first single-chip imaging device, the ICM-105A, in the fall of 2000. The Company has grown into an established volume supplier of leading small pixel geometry, high-resolution CMOS image sensors for cell phones, digital still cameras, PC cameras, and other mobile imaging applications, with shipments to date of VGA, 1.3Mp, 2Mp and 3Mp CMOS image sensors. The Company was first in the industry to mass-produce a mega pixel CMOS image sensor for Digital Still Cameras, first to develop a prototype 2.8um geometry pixel and first to develop 3.2Mp and 4Mp sensors with a high performance 2.575um pixel for mainstream camera phone adoption. IC Media has 90 employees worldwide and is headquartered in Santa Clara, California, with offices in Arizona, Taiwan, China and Japan.

Youm Huh, President and CEO of MagnaChip Semiconductor, commented, "The acquisition of IC Media immediately will provide advanced technology and intellectual property, experienced engineering and development resources, key products and customer relationships which will help further strengthen MagnaChip's ability to serve the needs of its expanding global customer base in the attractive, rapidly evolving CMOS Image Sensor market."

Richard Char, President and CEO of IC Media, said, "MagnaChip has established itself as one of the semiconductor industry's most attractive companies based on its breadth of technology offerings targeting growth markets, its manufacturing capabilities, global services and support network and strong base of intellectual property. Joining forces is a win for both companies' customers, employees and investors."

Robert Krakauer, Executive Vice President of Strategic Operations and CFO of MagnaChip Semiconductor, said, "This acquisition will accelerate several strategic initiatives for the Company, including our drive to be the leader in the Camera Phone market, to build a strategic design center in the US to better support our customers and to provide us a base to attract additional design engineers to complement our significant design expertise in Korea and Japan. This will also expand our sales and field applications engineering organizations in Taiwan, China and Europe. We expect upon completion of our acquisition of IC Media, together with our recent acquisition of ISRON in Japan, we will have successfully expanded our global capabilities to support our customers anywhere in the world with leading technology and service."

About MagnaChip Semiconductor

MagnaChip Semiconductor is a leading designer, developer and manufacturer of mixed-signal and digital multimedia semiconductors addressing the convergence of consumer electronics and communications devices. The Company focuses on CMOS image sensors and flat panel display drivers, which are complex, high performance, mixed signal semiconductors that capture images and enable and enhance the features and capabilities of both small and large flat panel displays. MagnaChip also provides wafer foundry services utilizing CMOS high voltage, embedded memory, analog and power process technologies for the manufacture of IC's for customer-owned designs. MagnaChip has world-class manufacturing capabilities and an extensive portfolio of more than 12,800 registered and pending patents. As a result, MagnaChip is a valued partner in providing leading technology solutions to its customers worldwide. For more information, visit http://www.magnachip.com/.

   CONTACTS:
   In Korea:
   Julia Cho, PR Senior Manager
   Tel: +82-2-3459-3182
   
Email Contact

   In the U.S.:
   David Pasquale, EVP at The Ruth Group
   Tel: 646-536-7006
   
Email Contact

CONTACT: In Korea: Julia Cho, PR Senior Manager of MagnaChip
Semiconductor, +82-2-3459-3182, or Email Contact; or In the U.S.:
David Pasquale, EVP of The Ruth Group, +1-646-536-7006, or
Email Contact, for MagnaChip Semiconductor

Web site: http://www.magnachip.com/
http://www.ic-media.com/




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