(NYSE:SMI) Strikes 52-week High after Settlement Agreement

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Semiconductor Manufacturing Int'l (ADR) (NYSE:SMI) zoomed 60% to $3.89 after making a new 52-week high at $4.00 earlier in the session.

Semiconductor Manufacturing Int'l announced that it has entered into a settlement agreement with Taiwan Semiconductor Manufacturing Company, Ltd. (the Acquirer or TSMC) to resolve all pending lawsuits between the parties, including the legal action filed by TSMC in California (the California Case) for which a verdict was returned by the jury against SMIC on November 4, 2009, and the legal action filed by SMIC in Beijing (the Beijing Case). The parties have agreed to settle and dismiss the California Case, including all claims and defenses of Semiconductor Manufacturing yet to be decided in that case and Semiconductor Manufacturing's appeal in the Beijing Case, thus concluding all pending court litigation between the parties.

Semiconductor Manufacturing International Corporation (SMIC) is a holding company that operates through its subsidiaries. The Company is engaged in the computer-aided design, manufacturing, packaging, testing and trading of integrated circuits and other semiconductor services, as well as manufacturing and designing semiconductor masks.

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