ChipMOS (IMOS) to Buyback $15M in Common Stock

ChipMOS TECHNOLOGIES (Nasdaq: IMOS) today announced that its Board of Directors has authorized the repurchase of US$15.0 million of the Company's common stock from the open market. The share repurchase program will be in compliance with Rule 10b5-1 and Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the "Exchange Act").

S.J. Cheng, Chairman and Chief Executive Officer of ChipMOS, said, "Our latest Board authorized repurchase program reflects our confidence in ChipMOS's underlying business fundamentals and prospects for growth. The Board and management believe our Company's common stock represents a compelling value. Further, the repurchase program is consistent with the Company's capital allocation strategy and our efforts to build shareholder value."

Shares under the new repurchase program will be repurchased pursuant to a written plan agreed to and entered into between the Company and its broker. The plan specifies the total value of shares of the Company's common stock that may be repurchased and the prices at which the repurchases may occur, subject to the terms and conditions of the plan and applicable law requirements. Purchases under the plan are subject to certain pricing parameters that depend in part upon market prices that fluctuate. Therefore, there is no guarantee as to the number of shares that may be repurchased under the plan. The repurchased shares will be retired and cancelled.

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