We employ approximately 700 research and development engineers, with experience in the semiconductor industry and with advanced degrees from leading universities around the world and in China.
The Company settled all pending litigation with TSMC on November 9, 2009, with a Settlement Agreement (the "2009 Settlement Agreement"). The 2009 Settlement Agreement resolved all pending lawsuits between the parties and the parties have since dismissed all pending litigation between them, including the counterclaims the Company filed against TSMC in the California case, which had not yet been decided. The terms of the 2009 Settlement Agreement include the following:
1) Entry of judgement and mutual release of all claims that were or could have been brought in the pending lawsuits; 2) Termination of SMIC's obligation to make remaining payments under prior settlement agreement between the parties (approximately US$40 million); 3) Payment to TSMC of an aggregate of US$200 million (with US$15 million paid upon execution, funded from SMIC's existing cash balances, and the remainder to be paid in installments over a period of four years - US$15 million payable by December 31, 2009, US$80 million payable by December 31, 2010, US$30 million payable by December 31, 2011, US$30 million payable by December 31, 2012 and US$30 million payable by December
|SOURCE Semiconductor Manufacturing International Corporation|
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