SEOUL , South Korea , Oct. 19 /PRNewswire-FirstCall/ -- Pixelplus Co., Ltd. (Nasdaq: PXPL), a fabless semiconductor company in Korea that designs, develops, and markets CMOS image sensors for various consumer electronics applications, today announced it has completed the sale of its entire 37.5% shareholding interest in Pixelplus Technology Inc. ("PTI"), the Company's former subsidiary in Taiwan .
Pixelplus witnessed a significant decline in revenues from PTI since the first half of 2006, and sold its entire interest in PTI in order to manage the Company's cost efficiencies and strengthen its financial position. Consistent with these goals, Pixelplus separately opened a branch office in Taiwan earlier this year to fortify its sales and marketing operations and believes the existing facilities of its Taiwanese branch office are adequate to meet the Company's current requirements.
Pixelplus' planned sale of PTI was stated in the Company's Form 20-F for the year ended December 31, 2006 , which was filed with the U.S. Securities and Exchange Commission on June 29, 2007 .
About Pixelplus Co., Ltd.
Pixelplus is a South Korea-based developer of high-performance, high- resolution, and cost-effective CMOS image sensors for use primarily in mobile camera phones. In addition to mobile phones, Pixelplus provides CMOS image sensors and SoC solutions for use in webcams and notebook embedded cameras, toys and games, and security and surveillance system applications.
As a fabless semiconductor company, Pixelplus is focused on creating proprietary design technologies to develop CMOS image sensors with sharp, colorful and enhanced image quality, size efficiency, and low power consumption.
Forward Looking Statement
This press release contains certain statements that are not historical in nature but are "forward-looking statements" within the meaning of the "safe- harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the use of forward- looking terminology, such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe," "project," or "continue" or the negative of such words or other similar words. Pixelplus cautions readers that forward-looking statements are based on the Company's current expectations, estimates and assumptions about our company and our industry, and are subject to a number of risks and uncertainties. Actual results may differ materially from those contained in such forward-looking statements. Investors are directed to Pixelplus' reports and documents filed from time to time with the U.S. Securities and Exchange Commission for a description of various factors that should be considered before investing in Pixelplus securities. These factors may cause Pixelplus' results to differ materially from the forward-looking statements made in this release. The forward-looking statements speak only as of the date of this press release and Pixelplus assumes no duty or obligation to update them to reflect new, changing, or unanticipated events or circumstances.
SOURCE Pixelplus Co., Ltd.