Alliance Semiconductor Files Stipulation for Settlement with Internal Revenue Service
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Alliance Semiconductor Corporation (Pink Sheets:ALSC) announced today
that pursuant to the terms of stipulated settlement documents filed with
the U.S. Tax Court, Alliance will not be liable to make any additional
payments for additional taxes previously asserted as due in a Notice of
Deficiency with respect to Alliance’s 2000,
2001 and 2002 tax years. Alliance’s net
operating losses will be reduced in connection with the agreement, among
other adjustments. In addition, Alliance expects to receive a tax refund
of up to approximately $6 million for the 2001 tax year as a result of
the terms of settlement. The terms of the settlement remain subject to
the approval of the Congressional Joint Committee on Taxation.
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; increased costs; litigation; and adverse state, federal or
foreign legislation or regulation or adverse determinations by
regulators, including the possibility that the Congressional Joint
Committee on Taxation does not approve the terms of the settlement
described above. 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. New
factors emerge from time to time, and it is not possible for management
to predict all such factors.
