Exhibit 99.1
FOR IMMEDIATE RELEASE
ALLIANCE SEMICONDUCTOR DECLARES SPECIAL CASH DIVIDEND
Alliance Semiconductor Provides Business Update
SANTA CLARA, Calif.—(BUSINESS WIRE)—April 28, 2008—Alliance Semiconductor Corporation (ALSC.PK) announced today that its Board of Directors declared a cash dividend and provided an update on the Company’s activities. Alliance’s Board of Directors declared a special one-time cash dividend of $0.10 per share, which is payable May 20, 2008 to stockholders of record as of May 12, 2008. Mel Keating, President and CEO of Alliance, said, “With the payment of this dividend, our Board will have returned a total of $4.10 per share in cash dividends to our stockholders since July 2007.”
Business Update
Alliance’s management and Board of Directors continue to focus on realizing value for the Company’s stockholders. The Company sold 4,510,565 shares of Tower Semiconductor Ltd. for approximately $5.8 million during the fiscal year ended March 31, 2008 (fiscal year 2008), of which $2.3 million represents fourth quarter sales, realizing a GAAP loss for fiscal year 2008 on such sales of approximately $1.1 million (a loss of $1.2 million for the fourth quarter). Alliance also has sold 1,563,982 Tower shares for proceeds of approximately $1.5 million since that date. The Company currently holds approximately 112,000 shares of Tower Semiconductor, and expects to fully liquidate its remaining position in Tower during the fiscal year ended March 31, 2009, subject to market prices and other market conditions.
As previously announced, Alliance will receive a federal income tax refund of approximately $6.6 million, plus interest, for the 2001 tax year. The amount of the interest payment and the timing of the total payment have not been determined, but Alliance estimates, based on its review of the applicable regulations, that the interest should be approximately $2 million and currently expects to recognize its calculation of the estimated amount in the fourth quarter of fiscal 2008. The Internal Revenue Service has not confirmed Alliance’s calculation of the interest amount and its calculation could be more or less. The interest will increase as payment is delayed. Alliance also expects to receive a California income tax refund, primarily for fiscal 2002, of approximately $1.6 million, although the state of California has not confirmed the timing or amount of this refund.
Following the payment of the dividend announced, Alliance expects its remaining cash to be approximately $1.7 million which, given the reductions in administrative expenses implemented after all operations were discontinued and after the asset sales which took place in fiscal years 2007 and 2008, Alliance believes will be more than adequate to meet anticipated expenses and obligations. Alliance continues to hold $59,425,000 in face amount of asset-backed securities issued by the Anchorage Finance Master Trust and the Dutch Harbor Finance Master Trust. Although recent auctions for these securities have not provided liquidity, all interest payments have been timely made.
Alliance is not currently able to report its estimated earnings (loss) for the entire 2008 fiscal year, but currently anticipates that recognition of the interest on its tax refund will offset losses on the Tower share sales for the fourth quarter of fiscal year 2008. Although Alliance is uncertain whether this will produce positive earnings for the fourth quarter, Alliance expects to report positive earnings for the fiscal year, primarily attributable to the reversal of tax accruals in the third quarter.

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The following information was filed by Alliance Semiconductor Corp (ALSC) on Monday, April 28, 2008 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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