Market Overview

Cypress and SK hynix system ic Receive Regulatory Approvals for Closing of Joint Venture


Full Operations for Newly-Formed Joint Venture, Sky High Memory
Limited, Expected to Begin April 1, 2019

Cypress Semiconductor Corp. (NASDAQ:CY), today announced that it has
received regulatory antitrust approval for the closing of its joint
venture with SK hynix system ic, Inc., which was initially
announced on October 25, 2018
. The joint venture, SkyHigh Memory
Limited, is expected to begin full operations on April 1, 2019.

The formation of SkyHigh Memory will provide customers with a stable
supply of quality NAND products for the consumer, networking,
industrial, and automotive markets. SkyHigh Memory will be a leader in
premium quality single-level cell (SLC) NAND memory solutions. Based in
Hong Kong, SkyHigh Memory will manufacture, distribute, and support its
SLC NAND products as well as continue investing in R&D for
next-generation NAND products.

"It is an exciting time for our business as SkyHigh Memory will drive
advances in NAND technology as well as deliver leading SLC NAND memory
solutions across the globe," said Gihyun Bae, CEO of SkyHigh Memory
Limited. "As a customer-focused company, SkyHigh Memory is committed to
becoming a world-class leader by offering premium memory solutions with
unmatched support for all of the markets we serve."

About Cypress

Cypress is the leader in advanced embedded solutions for the world's
most innovative automotive, industrial, smart home appliances, consumer
electronics and medical products. Cypress' microcontrollers, wireless
and USB-based connectivity solutions, analog ICs, and reliable,
high-performance memories help engineers design differentiated products
and get them to market first. Cypress is committed to providing
customers with the best support and development resources on the planet
enabling them to disrupt markets by creating new product categories in
record time. To learn more, go to

Forward-Looking Statements

Statements herein that are not historical facts and that refer to
Cypress or its subsidiaries' (or the joint venture's) plans and
expectations for the future are forward-looking statements made pursuant
to the Private Securities Litigation Reform Act of 1995. We may use
words such as "may," "should," "expect," "plan," "intend," "anticipate,"
"believe," "estimate," "predict," "potential," "future," "continue" or
other wording indicating future results or expectations to identify such
forward-looking statements that include, but are not limited to,
statements related to: the future financial and operational performance
of the joint venture; the effective date of the implementation and
launch of the joint venture; the ability of the joint venture to supply
customers with a continued and stable supply of products; and the
ability of the joint venture to make continued investment in NAND
products. Such statements reflect our current expectations, which are
based on information and data available to our management as of the date
of this press release. Our actual results (and the results of the joint
venture) may differ materially due to a variety of risks and
uncertainties, including, but not limited to: our ability to execute on
our Cypress 3.0 strategy; global economic and market conditions;
business conditions and growth trends in the semiconductor market; the
ability of the joint venture to compete effectively; the volatility in
supply and demand conditions for semiconductor products, including but
not limited to, the impact of seasonality on supply and demand; the
ability of the joint venture to develop, introduce and sell new products
and technologies; potential problems relating to manufacturing
activities; and other risks and uncertainties described in the "Risk
Factors" and "Management's Discussion and Analysis of Financial
Condition and Results of Operations" sections in our most recent Annual
Report on Form 10-K and our other filings with the Securities and
Exchange Commission. We assume no responsibility to update any such
forward-looking statements.

Cypress and the Cypress logo are registered trademarks of Cypress
Semiconductor Corp. All other trademarks are property of their owners.

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