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TVIA, Inc. Announced Today That Mr. YC Zhu was Appointed Chapter 11 Trustee

April 20, 2009

SANTA CLARA, Calif., April 20 /PRNewswire-FirstCall/ –TVIA, Inc. (Pink Sheets: TVIAQ) announced today that Mr. YC (Yuchen) Zhu was appointed Chapter 11 trustee on April 10, 2009 by the United States Bankruptcy Court for the Northern District of California. The company also announced the departure of its Chief Executive Officer, Eli Porat, effective on April 20, 2009.

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As the court-appointed Chapter 11 trustee, Mr. Zhu assumes control over the company’s assets and is authorized to operate the company’s business, including the company’s controlling interest in its wholly-owned subsidiary in China.

While taking immediate steps to bring TVIA back to profitability, Mr. Zhu emphasized that the company remained committed to its customers and its employees.

“We are reviewing the company’s situation and evaluating strategic options, including reemergence from bankruptcy as well as M & A. In the meantime, we want to make it abundantly clear that the company will continue marketing and supporting its existing product lines,” Mr. Zhu said.

On the other hand, the company recognizes it has been difficult for its employees as the company is going through the Chapter 11 process. “It is paramount that we take care of our people as we improve and expand the business at every level,” Mr. Zhu explained.

Commenting on the future of the company, Mr. Zhu is confident and optimistic, “As we stabilize our operations, which will continue to provide undisrupted support to our customers, I anticipate taking the necessary time and steps to thoroughly explore every possible course of action for the benefit of shareholders and creditors. A plan of reorganization will be submitted to the court within the next few months.”

Prior to being appointed Chapter 11 trustee, Mr. Zhu was most recently with Deloitte & Touche’s Costa Mesa office in California, where he provided leadership over Chinese Services in the region and advised numerous clients on corporate governance, business operations and information technology. He previously served in various management and engineering roles at Boeing, Fujitsu, and Nortel Networks.

About TVIA, Inc.

TVIA, Inc. (OTC: TVIAQ.PK), headquartered in Santa Clara, California, with a wholly owned subsidiary in China, is a fabless semiconductor company that designs, develops, markets and supports display processors for the digital and interactive television market. Its products include TrueView 5700, a family of digital video image display processors to design a single channel liquid crystal display (LCD) television (TV) and enhanced definition progressive scan cathode ray tube (CRT) TV; TrueView 5600 product line that is used for high definition LCD television market, as well as other LCD-based applications, such as multimedia displays, Web-pads, in-flight entertainment systems, and infotainment system displays; and CyberPro 5202 product line that is designed for displays to multiple devices, such as traditional CRT TV, panel displays, interactive displays, and LCD products.

The company is working on upgrading its web site. More information will become available later at www.tvia.com.

Certain statements in this news release are forward-looking statements that involve a number of risks and uncertainties. Such forward-looking statements include statements which may be preceded by the words “plan,” “will,” “expect,” “believe,” or similar words. For such statements, the company claims the protection of the Private Securities Litigation Reform Act of 1995. Actual events or results may differ materially from the company’s expectations. These forward- looking statements represent the company’s judgment as of the date of this release. The company disclaims any intent or obligation to update these forward-looking statements.

SOURCE TVIA, Inc.


Source: newswire



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