Actions Semiconductor Provides Update on Share Repurchase Program
ZHUHAI, China, Sept. 25 /Xinhua-PRNewswire/ -- Actions Semiconductor Co.,Ltd. (Nasdaq: ACTS), one of China's leading fabless semiconductor companiesthat provides comprehensive mixed-signal system-on-a-chip (SoC) and multimediadigital signal processing (DSP) solutions for portable consumer electronics,today provided an update on its share repurchase plan. On May 10, 2007Actions' board of directors authorized a program to repurchase up to 8 millionof its American Depositary Shares (ADSs) representing 48 million ordinaryshares. To date, the Company has invested approximately $12.9 million in theprogram, representing over 3.2 million ADSs. The repurchased shares are usedin connection with the Company's employee benefit plans and other generalcorporate purposes. At the end of the second quarter of 2008, the Company hadapproximately 84 million outstanding ADSs.
"During the third quarter, we significantly increased the repurchase ofour company shares at values near or below the per share cash levels. Webelieve our stock repurchase program demonstrates our ongoing commitment tobuilding shareholder value, our continued confidence in the strength of ourbusiness model, and our management team's ability to execute. We will continueto prudently repurchase shares as part of our corporate strategy and incompliance with SEC's regulations on the repurchase program," stated Mr.Nan-Horng Yeh, Chief Executive Officer of Actions Semiconductor.
About Actions Semiconductor
Actions Semiconductor is one of China's leading fabless semiconductorcompanies that provides mixed-signal and multimedia SoC solutions for portableconsumer electronics. Actions Semiconductor products include SoCs, firmware,software, solution development kits, as well as detailed specifications ofother required components and the providers of those components. ActionsSemiconductor also provides total product and technology solutions that allowcustomers to quickly introduce new portable consumer electronics to the massmarket in a cost effective way. The company is headquartered in Zhuhai, China,with offices in Beijing, Shanghai, and Shenzhen. For more information, pleasevisit the Actions Semiconductor website at http://www.actions-semi.com.
"Safe Harbor" Statement Under the Private Securities Litigation Reform Actof 1995
Statements contained in this release that are not historical facts areforward-looking statements, as that term is defined in the Private SecuritiesLitigation Reform Act of 1995. Forward-looking statements, including financialprojections and forecasts, involve risks and uncertainties that could causeActions Semiconductor's actual results to differ materially from our currentexpectations. Factors that could cause Actions Semiconductor's results todiffer materially from those set forth in these forward-looking statementsinclude customers' cancellation or modification of their orders; our failureto accurately forecast demand for our products; the loss of, or a significantreduction in orders from, any of our significant customers; fluctuations inour operating results; our inability to develop and sell new products; defectsin or failures of our products; the expense and uncertainty involved in ourcustomer design-win efforts; the financial viability of the distributors ofour products; consumer demand; worldwide economic and political conditions;fluctuations in our costs to manufacture our products; our reliance on thirdparties to manufacture, test, assemble and ship our products; our ability toretain and attract key personnel; our ability to compete with our competitors;and our ability to protect our intellectual property rights and not infringethe intellectual property rights of others. Other factors that may cause ouractual results to differ from those set forth in the forward-lookingstatements contained in this press release and that may affect our prospectsin general are described in our filings with the Securities and ExchangeCommission, including our most recently filed Forms 20-F and 6-Ks. ActionsSemiconductor undertakes no obligation to update or revise forward-lookingstatements to reflect subsequent events or changed assumptions orcircumstances.
Investor Contacts: Lisa Laukkanen Ernie Huang The Blueshirt Group Investor Relations at Actions Semiconductor lisa@blueshirtgroup.com ernie@actions-semi.com 415-217-4967 +86 756 3392353 ext 1095SOURCE Actions Semiconductor Co., Ltd.
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