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EXHIBIT 99.1
EXHIBIT 99.1 Press
Release dated September 28, 2012
ACL Semiconductors Completes Acquisition
of USmart and eVision
HONG KONG, September 28, 2012 -
ACL Semiconductors Inc. (OTC Bulletin Board: ACLO) ("ACL"), a leading China-based distributor of memory electronic
products in Southern China and Hong Kong, announced today that it has completed the acquisition of Jussey Investments Limited
("Jussey"), the owner of 80% equity interest in USmart Electronic Products Limited ("USmart") and
100% equity interest in eVision Telecom Limited ("eVision"). The Jussey acquisition follows the definitive sale
and purchase agreement (the "SPA") executed on September 28, 2012. The purchase price was approximately
US$1,846,797.89 (HK$14,405,023.55) pursuant to the SPA.
Founded in 2006,
USmart is a
Hong Kong based ODM manufacturer that
specializes
in designing, manufacturing and distributing advanced technologies for the three "C" (computer, customer electronic
appliance and communication) market in China. USmart's products include computer peripherals, premium smartphones, high-end
tablets, flash storage, communication devices and consumer electronic appliances.
Founded in 2011, eVision is a Hong Kong
based solution company that specializes in CDMA2000 (the 3G wireless standard adopted by China Telecom). eVision provides CDMA
2000 solutions to USmart. Through an exclusive R&D service agreement with an independent third party, eVision holds a CMDA2000
software license granted by VIA Telecom Co. Ltd.
Mr. Chung-Lun Yang, Chief Executive Officer
and Chairman of ACL, stated, "We are pleased to complete the acquisition of Jussey, the major shareholder of USmart and eVision.
We expect that the acquisition will diversify ACL's product portfolio with USmart developing and manufacturing 3G smartphones
for its customers and with eVision providing support for the CDMA2000 3G standard".
Mr. Yang concluded, "This acquisition
will transform our company into an R&D manufacturer with its own products and brands, and facilitate the entry into the expanding
telecommunication industry. With the 3G baseband licenses acquired through USmart and eVision, ACL will be well positioned to expand
its operations. The combined company will benefit from both the vertical integration and the PRC-located design and manufacturing
capabilities, as well as from its relationships with Samsung and ATMD. "
About ACL Semiconductors Inc.
ACL Semiconductors Inc. is a China-based
distributor of semiconductor components in Hong Kong and Southern China. Starting April 1, 2012, ACL is distributing Samsung's
semiconductor and LCD products through ATMD, a newly established joint venture with Tomen Devices. Semiconductor products are used
in everything from mobile phones, digital cameras and laptop computers to MP3 players and Wi-Fi products. For more information
about ACL Semiconductors Inc. please visit ACL Semiconductors Inc.'s corporate website at http://www.acl-semicon.com.
Forward-Looking Statements
This information contains forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of 1995. In particular, when used in the preceding
discussion, the words "plan", "confident that", "believe", "scheduled", "expect,"
or "intend to", and similar conditional expressions are intended to identify forward-looking statements within the meaning
of the Act and are subject to the safe harbour created by the Act. Such statements are subject to certain risks and uncertainties
and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties
include, but are not limited to, market conditions, the availability of components and successful production of the company's products,
general acceptance of the company's products and technologies, competitive factors, timing, and other risks described in the company's
SEC reports and filings.
Investor Contacts:
Kun Lin Lee
Stephanie Carrington
Chief Financial Officer
The Ruth Group
ACL Semiconductors Inc.
+1-646-536-7017
+1-408-981-9363
scarrington@theruthgroup.com
+852-3666-9939
klee@atlantic.com.hk

EX - 99 . 1 3 v324625 _ ex99 - 1 . htm EXHIBIT 99 . 1 EXHIBIT 99 . 1 Press Release dated September 28 , 2012 ACL Semiconductors Completes Acquisition of USmart and eVision HONG KONG , September 28 , 2012 - ACL Semiconductors Inc . ( OTC Bulletin Board : ACLO ) ( " ACL " ) , a leading China - based distributor of memory electronic products in Southern China and Hong Kong , announced today that it has completed the acquisition of Jussey Investments Limited ( " Jussey " ) , the owner of 80 % equity interest in USmart Electronic Products Limited ( " USmart " ) and 100 % equity interest in eVision Telecom Limited ( " eVision " ) . The Jussey acquisition follows the definitive sale and purchase agreement ( the " SPA " ) executed on September 28 , 2012 . The purchase price was approximately US$ 1,846,797.89 ( HK $ 14,405,023.55 ) pursuant to the SPA . Founded in 2006 , USmart is a Hong Kong based ODM manufacturer that specializes in designing , manufacturing and distributing advanced technologies for the three " C " ( computer , customer electronic appliance and communication ) market in China . USmart 's products include computer peripherals , premium smartphones , high - end tablets , flash storage , communication devices and consumer electronic appliances . Founded in 2011 , eVision is a Hong Kong based solution company that specializes in CDMA2000 ( the 3G wireless standard adopted by China Telecom ) . eVision provides CDMA 2000 solutions to USmart . Through an exclusive R & D service agreement with an independent third party , eVision holds a CMDA2000 software license granted by VIA Telecom Co . Ltd . Mr . Chung - Lun Yang , Chief Executive Officer and Chairman of ACL , stated , " We are pleased to complete the acquisition of Jussey , the major shareholder of USmart and eVision . We expect that the acquisition will diversify ACL 's product portfolio with USmart developing and manufacturing 3G smartphones for its customers and with eVision providing support for the CDMA2000 3G standard " . Mr . Yang concluded , " This acquisition will transform our company into an R & D manufacturer with its own products and brands , and facilitate the entry into the expanding telecommunication industry . With the 3G baseband licenses acquired through USmart and eVision , ACL will be well positioned to expand its operations . The combined company will benefit from both the vertical integration and the PRC - located design and manufacturing capabilities , as well as from its relationships with Samsung and ATMD . " About ACL Semiconductors Inc . ACL Semiconductors Inc . is a China - based distributor of semiconductor components in Hong Kong and Southern China . Starting April 1 , 2012 , ACL is distributing Samsung 's semiconductor and LCD products through ATMD , a newly established joint venture with Tomen Devices . Semiconductor products are used in everything from mobile phones , digital cameras and laptop computers to MP3 players and Wi - Fi products . For more information about ACL Semiconductors Inc . please visit ACL Semiconductors Inc . 's corporate website at http://www.acl-semicon.com . Forward - Looking Statements This information contains forward - looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 . In particular , when used in the preceding discussion , the words " plan " , " confident that " , " believe " , " scheduled " , " expect , " or " intend to " , and similar conditional expressions are intended to identify forward - looking statements within the meaning of the Act and are subject to the safe harbour created by the Act . Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward - looking statements . Such risks and uncertainties include , but are not limited to , market conditions , the availability of components and successful production of the company 's products , general acceptance of the company 's products and technologies , competitive factors , timing , and other risks described in the company 's SEC reports and filings . Investor Contacts : Kun Lin Lee Stephanie Carrington Chief Financial Officer The Ruth Group ACL Semiconductors Inc . + 1 - 646 - 536 - 7017 + 1 - 408 - 981 - 9363 scarrington@theruthgroup.com + 852 - 3666 - 9939 klee@atlantic.com.hk
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