Silicon Motion Appoints Riyadh Lai as Chief Financial Officer
TAIPEI, Taiwan, April 3 /Xinhua-PRNewswire-FirstCall/ -- Silicon Motion Technology Corporation (Nasdaq: SIMO; the "Company"), a leading fabless semiconductor company that designs, develops, and markets universally compatible, high-performance, low-power semiconductor solutions for the multimedia consumer electronics market, announced today that Riyadh Lai, former Head of Technology Group at ING Corporate Finance, Asia, will become the Company's Chief Financial Officer. Riyadh will report directly to Wallace C. Kou, President and Chief Executive Officer, effective April 2, 2007.
"Riyadh has significant experience leading the origination and execution of a number of successful corporate finance transactions across Asia," said Mr. Kou. "He has a very strong understanding of the technology industry and his proven ability to provide strategic advice will be extremely beneficial as we continue to expand. Riyadh is a tremendous addition to our very strong finance team, and we believe we have necessary internal control procedures over financial reporting in place. Riyadh brings an added level of management depth that will be a key part of helping set our strategic direction going forward."
Prior to joining ING in 2002, Riyadh was with Morgan Stanley, ABN AMRO, and PepsiCo in Hong Kong and New York. He has over 11 years of M&A transaction experience and holds a BA degree in Economics from Georgetown University and an MBA from New York University.
About Silicon Motion:
Silicon Motion Technology Corporation is a leading fabless semiconductor company that designs, develops, and markets universally compatible, high- performance, low-power semiconductor solutions for the multimedia consumer electronics market. The Company's semiconductor solutions include controllers used in mobile storage media, such as flash memory cards and USB flash drives, and multimedia systems on a chip, or SoCs, used in digital media devices such as MP3 players, PC cameras, PC notebooks and broadband multimedia phones.
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, without limitation, statements regarding trends in the multimedia consumer electronics market and our future results of operations, financial condition and business prospects. Although such statements are based on our own information and information from other sources we believe to be reliable, you should not place undue reliance on them. These statements involve risks and uncertainties, and actual market trends or our actual results of operations, financial condition or business prospects may differ materially from those expressed or implied in these forward looking statements for a variety of reasons. Potential risks and uncertainties include, but are not limited to, unpredictable volume and timing of customer orders, which are not fixed by contract but vary on a purchase order basis; the loss of one or more key customers or the significant reduction, postponement, rescheduling or cancellation of orders from these customers; general economic conditions or conditions in the semiconductor or multimedia consumer electronics markets; decreases in the overall average selling prices of our products; changes in the relative sales mix of our products; changes in our cost of finished goods; the availability, pricing, and timeliness of delivery of other components and raw materials used in our customers' products; our customers' sales outlook, purchasing patterns, and inventory adjustments based on consumer demands and general economic conditions; our ability to successfully develop, introduce, and sell new or enhanced products in a timely manner; and the timing of new product announcements or introductions by us or by our competitors. For additional discussion of these risks and uncertainties and other factors, please see the documents we file from time to time with the Securities and Exchange Commission, including our Annual Report on Form 20-F filed on June 30, 2006. We assume no obligation to update any forward-looking statements, which apply only as of the date of this press release.
Investor Contact: Selina Hsieh Investor Relations Tel: +886-3-552-6888 x2311 Fax: +886-3-552-6988 Email: firstname.lastname@example.org Tip Fleming Vice President Christensen Tel: +1-917-412-3333 Email: tfleming@ChristensenIR.com Media Contact: Sara Hsu Project Manager Tel: +886-2-2219-6688 x3509 Fax: +886-2-2219-6868 Email: email@example.com
SOURCE Silicon Motion Technology Corporation -0- 04/03/2007 /CONTACT: Selina Hsieh, +886-3-552-6888 x2311, or firstname.lastname@example.org; Sara Hsu, +886-2-2219-6688 x3509, email@example.com, both of Silicon Motion; Tip Fleming, +1-917-412-3333 or tfleming@ChristensenIR.com , of Christensen for Silicon Motion/ (SIMO) CO: Silicon Motion Technology Corporation ST: California, Taiwan IN: CPR ECP SEM SU: PER LL -- HKTU001 -- 7122 04/03/2007 08:00 EDT http://www.prnewswire.com