ChipMOS Taiwan to receive $12.6 million from ProMOS

HSINCHU, TAIWAN: ChipMOS TECHNOLOGIES (Bermuda) Ltd has announced that ChipMOS Technologies Inc., a 95.5 percent owned subsidiary of ChipMOS, would receive $12.6 million from ProMOS Technologies Inc. as payment in full of an outstanding accounts receivable balance owed to ChipMOS Taiwan.

Under an amendment to an existing service agreement, ProMOS paid ChipMOS Taiwan $6.3 million on May 28, 2010. The remaining $6.3 million will be paid in 9 installments ending on March 15, 2011.

In recognition of the full payment, ChipMOS Taiwan has agreed to release to ProMOS production equipment held as collateral. Payment terms will also be provided to ProMOS for future services.