FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
For the month of December No. 2 2006
TOWER SEMICONDUCTOR LTD.
(Translation of registrant's name into English)
RAMAT GAVRIEL INDUSTRIAL PARK
P.O. BOX 619, MIGDAL HAEMEK, ISRAEL 23105
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F [X] Form 40-F [_]
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes [_] No [X]
On December 21, 2006, Tower Semiconductor announces the Nomination of Dov Moran
as its new Chairman of the Board, attached hereto is a copy of the press
release.
This Form 6-K is being incorporated by reference into all effective
registration statements filed by us under the Securities Act of 1933.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
TOWER SEMICONDUCTOR LTD.
Date: December 21, 2006 By: /s/ Nati Somekh Gilboa
--------------------------
Nati Somekh Gilboa
Corporate Secretary
Tower Semiconductor Announces the Nomination of
Dov Moran as its new Chairman of the Board
MORAN BRINGS EXTENSIVE EXECUTIVE BACKGROUND FROM
THE RECENTLY ACQUIRED MSYSTEMS LTD.
MIGDAL HAEMEK, Israel - December 21, 2006 - Tower Semiconductor Ltd. (NASDAQ:
TSEM; TASE: TSEM), a pure-play independent specialty foundry, today announced
that its board of directors has nominated Dov Moran to serve as the company's
new chairman of the board.
Moran is co-founder of msystems Ltd., a leader in flash memory development,
which was recently acquired by SanDisk Corporation. Moran was president, CEO and
chairman of the board of directors of msystems from 1989 until September 2006.
Under Moran's leadership, msystems grew from a company with approximate annual
revenues of $16 million in 1998 to $615 million in 2005, and was recently
acquired by SanDisk for approximately $1.5 billion.
Udi Hillman, Tower's current chairman, will continue to serve as a member of the
board of directors. "I am pleased to welcome Dov as the new chairman of Tower,"
Hillman said. "Dov is recognized internationally as an innovator and
entrepreneur within the technology domain and his vast experience and knowledge
in the semiconductor and consumer industries will strengthen our board, as Tower
continues to maintain its growth."
"I am very proud and very excited to join Tower's Board," said Moran. "Tower has
unique qualities, an amazingly dedicated staff and the potential for a great
future. We expect challenges but are ready to face them and I am delighted to be
part of a team that will create an outstanding success."
Moran's appointment to serve as chairman of the board of directors and the terms
of his agreement with Tower have been approved by Tower's audit committee and
the board of directors and are further subject to the approval of the company's
shareholders. Under the terms of the agreement entered into with Moran, he will
be granted options to purchase shares representing one percent of the company's
shares on a fully diluted basis, vesting over a four-year period, and will not
be entitled to any cash compensation other than a symbolic amount of $1.00 per
year.
ABOUT TOWER SEMICONDUCTOR LTD.
Tower Semiconductor Ltd. is a pure-play independent specialty wafer foundry
established in 1993. The company manufactures integrated circuits with
geometries ranging from 1.0 to 0.13-micron; it also provides complementary
technical services and design support. In addition to digital CMOS process
technology, Tower offers advanced non-volatile memory solutions, mixed-signal &
RF-CMOS, and CMOS image-sensor technologies. To provide world-class customer
service, the company maintains two manufacturing facilities: Fab 1 has process
standard and specialized technologies from 1.0 to 0.35 micron and Fab 2 features
standard and specialized technologies of 0.18, 0.16 and 0.13-micron. Tower's Web
site is located at http://www.towersemi.com.
SAFE HARBOR
This press release includes forward-looking statements, which are subject to
risks and uncertainties. Actual results may vary from those projected or implied
by such forward-looking statements. A complete discussion of risks and
uncertainties that may affect the accuracy of forward-looking statements
included in this press release or which may otherwise affect our business is
included under the heading "Risk Factors" in our most recent filings on Form
20-F, F-1, F-3 and 6-K, as were filed with the Securities and Exchange
Commission and the Israel Securities Authority. We do not intend to update, and
expressly disclaim any obligation to update, the information contained in this
release.
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Contact:
Tower Semiconductor
Ilanit Vudinsky, +972 4 650 6434
ilanitvu@towersemi.com
or:
Shelton Group
Melissa Conger, (972) 239-5119 ext. 137
mconger@sheltongroup.com