The Company Raised $19 Million Through Warrants Exercise; Aggregate of $41 Million in Connection with Its June 2013 Rights Offering

MIGDAL HAEMEK, Israel--(BUSINESS WIRE)--Jul. 23, 2013-- Tower Semiconductor Ltd. (NASDAQ: TSEM) (TASE: TSEM), the global specialty foundry leader, today announced that in connection with its previously announced rights offering, the Company received additional gross proceeds from exercises of Series 8 Warrants into ordinary shares in the total amount of $19 million. The remainder of Series 8 Warrants, which were not exercised, had expired on July 22, 2013.

The aggregate gross proceeds from the equity rights offering process announced during June 2013 totaled $41 million, including the Series 8 Warrants exercise.

Following the completion of the previously announced rights offering and the exercise of Series 8 Warrants, the Company’s issued and outstanding ordinary share count is approximately 47 million ordinary shares, approximately 18 million of which are held by the Israel Corporation Ltd., reflecting approximately 39 percent shareholding.

About TowerJazz

Tower Semiconductor Ltd. (NASDAQ: TSEM, TASE: TSEM), its fully owned U.S. subsidiary Jazz Semiconductor Ltd., and its fully owned Japanese subsidiary TowerJazz Japan, Ltd., operate collectively under the brand name TowerJazz, the global specialty foundry leader. TowerJazz manufactures integrated circuits, offering a broad range of customizable process technologies including: SiGe, BiCMOS, Mixed-Signal/CMOS, RFCMOS, CMOS Image Sensor, Power Management (BCD), and MEMS capabilities. TowerJazz also provides a world-class design enablement platform that enables a quick and accurate design cycle. In addition, TowerJazz provides (TOPS) Transfer Optimization and development Process Services to IDMs and fabless companies that need to expand capacity. TowerJazz offers multi-fab sourcing with two manufacturing facilities in Israel, one in the U.S., and one in Japan. For more information, please visit www.towerjazz.com.

Safe Harbor Regarding Forward-Looking Statements

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 TowerJazz’s business is included under the heading "Risk Factors" in Tower’s most recent filings on Forms 20-F and F-3, as were filed with the SEC and the Israel Securities Authority, and Jazz’s most recent filings on Forms 10-K and 10-Q, as were filed with the SEC. Tower and Jazz do not intend to update, and expressly disclaim any obligation to update, the information contained in this release.

Source: TowerJazz

CCG Investor Relations
Kenny Green, 646-201-9246
towersemi@ccgisrael.com
or
TowerJazz Investor Relations:
Noit Levi
noit.levi@towerjazz.com