Alliance Semiconductor Corp. (Santa Clara, CA), a provider of analog and mixed signal products for the communications market, and B. Riley & Co. Inc. announced that they have reached an agreement to end their proxy contest. Pursuant to an agreement, the Alliance Semiconductor board of directors will be expanded to seven members and shall include all of the nominees proposed by B. Riley & Co. Specifically, the company's new directors shall include Bryant Riley, Alan Howe, Bob D'Agostino, and Michael Gullard.
Pursuant to the terms of the agreement, effective immediately, three individuals previously serving as directors of the company have resigned, and the board is currently comprised of Bryant Riley, Damodar Reddy, Michael Gullard, and C.N. Reddy. Automatically, the board will consist of Bryant Riley, Michael Gullard, Bob D'Agostino, Alan Howe, Edward McCluskey, Damodar Reddy, and C.N. Reddy. Also as part of the agreement, Alliance Semiconductor announced that its annual meeting of stockholders will be held on December 2, 2005. The board of directors will consist of seven members, and the nominees for election to the board at the annual meeting will be the members of the new board.
