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FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
For the month of July 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 July 24, 2006, the Registrant announced that Tower cooperates with Waves
Audio and VLSI Solution to improve sound quality to LCD TV's, 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: July 24, 2006 By: /s/ Nati Somekh Gilboa
--------------------------
Nati Somekh Gilboa
Corporate Secretary
TOWER SEMICONDUCTOR COOPERATES WITH WAVES AUDIO AND VLSI
SOLUTION TO IMPROVE SOUND QUALITY OF LCD TVS
MANUFACTURED AT TOWER, MAXXBASS(R) CHIP CHOSEN FOR JVC'S NEW LCD TVS
MIGDAL HAEMEK, ISRAEL - July 24, 2006 - Tower Semiconductor Ltd. (NASDAQ: TSEM;
TASE: TSEM), a pure-play independent specialty foundry, today announced
production start of MaxxBass(R) ASIC product. A result of joint collaboration
between Waves Audio, VLSI Solution and Tower, the product was enhanced to meet
JVC's stringent requirements for audio quality.
The dramatic improvement in sound quality of small speakers achieved through the
new product opens up a whole new realm of possible applications including LCD
TVs, notebook computers, portable loudspeakers and car audio.
The business model between the companies allows each to effectively contribute
its expertise to the success of this project. Waves Audio provides its patented
psychoacoustic audio algorithm and system expertise; VLSI Solution provides its
expertise in mixed signal semiconductor design, and Tower provides volume
production manufacturing capabilities.
"Waves strategy in the CE market is to deliver audio solutions that compensate
for limitations in small loudspeakers. The acoustics has become the A/V
bottleneck for a wide range of consumer products, and Waves has unique
psycho-acoustic algorithms to compensate for these limitations," said Paul
Bundschuh, vice president sales and marketing, Waves Semiconductor and OEM
Licensing Division. "Waves executes our CE strategy by being both a fab-less and
design-less semiconductor company and by working closely with our design and
manufacturing partners to service our customers' needs. Waves success at JVC and
other firms would not be possible without the excellent support from VLSI
Solution and Tower Semiconductor."
"VLSI Solution has developed a strong relationship with Waves which utilizes our
semiconductor design expertise", said Tapani Ritoniemi, president of VLSI
Solution Oy. "By leveraging the best capabilities of each firm, VLSI is pleased
to assist Waves in becoming highly competitive semiconductor vendor in the
consumer electronics industry."
"Apart from the immediate contribution to Tower's revenue from a growing new
market segment, we believe that such collaborative projects open the door to
many new opportunities", said Yossi Netzer, general manager of mixed-signal & RF
product line at Tower Semiconductor. "Tower's involvement and investment in such
collaborative projects is important to the continued growth of the company."
ABOUT TOWER SEMICONDUCTOR LTD.
Tower Semiconductor Ltd. is a pure-play independent 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 and CMOS image-sensor technologies.
To provide world-class customer service, the company maintains two manufacturing
facilities: Fab 1 has process technologies from 1.0 to 0.35 micron and can
produce up to 16,000 150mm wafers per month. Fab 2 features 0.18-micron and
below standard and specialized process technologies, and has the current
capacity of up to 15,000 200mm wafers per month. Tower's Web site is located at
www.towersemi.com.
ABOUT WAVES AUDIO LTD.
Waves is the world's leading provider of audio signal processing tools for
professionals. Its processors are used to improve sound quality in the creation
of practically all of the world's most popular music, movie soundtrack and
multimedia titles. Waves offers both award-winning embedded software for digital
audio workstations and various hardware product tools to the world's most
successful and demanding audio professionals. For more information, visit
www.waves.com.
ABOUT VLSI SOLUTION OY
VLSI Solution Oy is a design and manufacturing service company, offering
multi-level technology licensing, product development and custom IC sales. The
company has also developed its own audio decoder family and offered as standard
products.
VLSI Solution Oy has competence especially In Multimedia, Signal Processing
Systems, Telecommunications and Mixed-Signal Industrial Electronics. Founded in
1991, the company is located in Tampere Technology Center Hermia in Finland. For
more information, visit www.vlsi.fi.
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 Annual Report on
Forms 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.
CONTACTS:
Tower Semiconductor USA:
Michael Axelrod, +1 408 330 6871
pr@towersemi.com