Since 2005 Alliance Semiconductor has made a significant transition from being an operating company focused on the semiconductor industry with synergistic investments in emerging companies, into a holding company focused on maximizing return to shareholders. This transformation has largely been completed, with the result that our primary activities now consist of managing our short-term investments. The results of this transition have enabled us to pay a special cash dividend of $3.75 per share in July 2007, and to declare an additional cash dividend of $.0.25 per share to investors of record at March 31, 2008 which will be paid on April 8, 2008. Alliance.s Board of Directors continues to evaluate various alternatives for the direction of the company.