Alliance Semiconductor Affirms Settlement With Internal Revenue Service
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Alliance Semiconductor Corporation (Pink Sheets:ALSC) announced today
that at a hearing before Judge Goeke of the United States Tax Court,
counsel for the Internal Revenue Service advised the Court that the
Internal Revenue Service will abide by the terms of the Stipulation of
Settled Issues previously filed with the Court and
described in a Form 8-K filed on July 6, 2007. The Court directed that
decision documents be filed with the Court by February 6, 2008. Counsel
for the IRS also informed the Court that as a result of the settlement
no additional taxes will be owing by Alliance for its taxable years 1999
through 2002. In addition, Alliance expects to receive a tax refund for
the 2001 tax year. However, as a result of the settlement, Alliance’s
net operating losses will be reduced. The Internal Revenue Service’s
agreement to honor the terms of the stipulated settlement as originally
filed with the U.S. Tax Court followed a challenge by the IRS that was
previously disclosed. The parties’ agreement
is not subject to regulatory review.
Forward Looking Statements
Except for historical information contained in this release, statements
in this release may constitute forward-looking statements regarding our
assumptions, projections, expectations, or beliefs about future events.
Words or phrases such as "expects”
or similar expressions identify forward-looking statements.
Forward-looking statements involve risks and uncertainties, which could
cause actual results or outcomes to differ materially from those
expressed. We caution that while we make such statements in good faith
and we believe such statements are based on reasonable assumptions, we
cannot assure you that our projections will be achieved. In addition to
other factors and matters discussed from time to time in our filings
with the U.S. Securities and Exchange Commission, some important factors
that could cause actual results or outcomes for the Company or our
subsidiaries to differ materially from those discussed in
forward-looking statements include: the possibility of our assumptions
underlying our estimated refund for the 2001 tax year not being
realized; and adverse state, federal or foreign legislation. Any
forward-looking statement speaks only as of the date on which such
statement is made, and, except as required by law, we undertake no
obligation to update any forward-looking statement to reflect events or
circumstances after the date on which such statement is made or to
reflect the occurrence of unanticipated events.
