"Our relationship with TowerJazz dates back nearly a decade, and in that time we have worked closely together to develop the most leading-edge processors and semiconductor technologies," said J. T. Chung, General Manager of Modiotek. "We appreciate TowerJazz's technology strength, quality assurance, capacity support, and customer service. Developing next-generation DSPs with TowerJazz is a good example of how two companies can collaborate extremely well to push semiconductor technology to another level.""Modiotek is meeting the demand of consumers for more and more functionality associated with one device. We are excited to be chosen by Modiotek, the pioneer in the Smart TV market. We look forward to continue working with Modiotek on next generation DSPs for this leading edge emerging market," said Ilan Rabinovich, VP of Customer Support and GM of CMOS Business Unit. About Modiotek Modiotek, a fabless design house, is a prominent technology innovator and solution provider in semiconductors for Smart TV, mobile audio platform, and digital answering machines. Founded in 2006, Modiotek has consistently introduced new chips available on devices ranging from mobile phones, digital answering machines to remote controllers for Smart TV. In addition to its successful solutions for mobile phones and digital answering machines, Modiotek's expertise in DSP has led to transform a large-sized, complex and hard-to-use remote controller for Smart TV to be compact, inexpensive, user-friendly and widely accessible. Modiotek is headquartered in Hsinchu, Taiwan, and has offices in China. Modiotek may be contacted at +886.3.666.8881 or at Sales@modiotek.com.tw About TowerJazz Tower Semiconductor Ltd. (NASDAQ: TSEM, TASE: TSEM), its fully owned U.S. subsidiary Jazz Semiconductor Ltd., and its fully owned Japanese subsidiary TowerJazz Japan, Ltd., operate collectively under the brand name TowerJazz, the global specialty foundry leader. TowerJazz manufactures integrated circuits with geometries ranging from 1.0 to 0.13-micron, offering a broad range of customizable process technologies including: SiGe, BiCMOS, Mixed-Signal and RFCMOS, CMOS Image Sensor, Power Management (BCD), and Non-Volatile Memory (NVM) as well as CMOS and MEMS capabilities. TowerJazz also offers a world-class design enablement platform that complements its sophisticated technology and enables a quick and accurate design cycle. In addition, TowerJazz provides (TOPS) Technology Optimization Process Services to IDMs as well as fabless companies that need to expand capacity, or progress from an R&D line to a production line. To provide multi-fab sourcing, TowerJazz maintains two manufacturing facilities in Israel, one in the U.S., and one in Japan with additional capacity available in China through manufacturing partnerships. For more information, please visit www.towerjazz.com. Safe Harbor Regarding Forward-Looking Statements This press release includes forward-looking statements, which are subject to risks and uncertainties. Actual results may vary from those projected or implied by such forward-looking statements. A complete discussion of risks and uncertainties that may affect the accuracy of forward-looking statements included in this press release or which may otherwise affect TowerJazz's business is included under the heading "Risk Factors" in Tower's most recent filings on Forms 20-F, F-3, F-4 and 6-K, as were filed with the Securities and Exchange Commission (the "SEC") and the Israel Securities Authority and Jazz's most recent filings on Forms 10-K and 10-Q, as were filed with the SEC, respectively. Tower and Jazz do not intend to update, and expressly disclaim any obligation to update, the information contained in this release.