Alliance Semiconductor Corporation (Pink Sheets:ALSC) announced today
that its Board of Directors declared a special one-time cash dividend of
$0.02 per share, which is payable January 30, 2009 to stockholders of
record as of the close of business January 26, 2009. Bryant Riley,
Alliance’s Chairman, said, "This dividend represents our continued focus
on returning capital to shareholders. Ambac Assurance has exercised its
put to convert our auction rate securities to shares of Ambac Assurance
Preferred Stock. Currently, this Preferred Stock is paying dividends
equivalent to the interest we would have received on the auction rate
securities. We hope to make additional distributions, as available cash
allows, considering the Company’s reduced expenses. The amount and
timing of such additional payments is uncertain until the company’s
holdings of Ambac Preferred Stock can to be monetized in an orderly
manner."
