Jul 02, 2012 (Close-Up Media via COMTEX) — ACL Semiconductors Inc. (“ACL”), a China-based distributor of semiconductor components in Hong Kong and Southern China, announced that ATMD (Hong Kong) Limited (“ATMD”), the Company’s joint venture with Tomen Devices Corp. (“Tomen”), has executed a distributorship agreement with Shanghai Samsung Semiconductor Co., Ltd.
According to a release on June 27, pursuant to the agreement, ATMD has become a non-exclusive supplier of Samsung’s semiconductor and LCD products in the Greater China market, which comprises the People’s Republic of China and Hong Kong.
Chung-Lun Yang, Chairman and Chief Executive Officer of ACL Semiconductors Inc., commented, “ACL is continuing its business transformation and diversification. We are pleased that the distributorship agreement between ATMD and Samsung has been executed. ATMD is the process of setting up its operating systems and is on track to commence business directly with Samsung during the third quarter.” As previously announced, ACL Holdings entered into an agreement on March 9, with Tomen to create the joint venture ATMD, which became effective as of April 1. As a part of that agreement, ATMD issued $10 million in share capital, and is 30 percent owned by ACL Holdings and 70 percent owned by Tomen.