SANTA CLARA, Calif., and SEOUL, Republic of Korea, Jan. 20, 1999 – Samsung Electronics Co. Ltd. and Intel Corporation announced today that they have signed a letter of intent for Intel to invest $100 million in Samsung Electronics. In the proposed deal, Intel will acquire convertible bonds exchangeable for common stock representing approximately 1 percent of Samsung Electronics’ outstanding common stock. Samsung Electronics will use the proceeds from this investment and additional funds to invest in Direct RDRAM fabrication, assembly and test. Samsung is already shipping sample Direct RDRAM devices and is ready for volume production in second quarter of 1999.
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