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Alliance Semiconductor Corporation

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Alliance Semiconductor Announces Engagement of Financial Advisor by Special Committee to Evaluate Strategic Alternatives

SANTA CLARA, Calif.—(BUSINESS WIRE) — July 22, 2005 — Alliance Semiconductor Corporation (Nasdaq:ALSC) today announced that the Special Committee of its Board of Directors has engaged Needham & Company, LLC as its financial advisor to provide financial advice to the committee as it considers the Company’s response to the share accumulation and proposals recently disclosed in a Schedule 13D filing made by Bryant R. Riley and his affiliates. The committee has not yet completed its work, but expects to do so in the near future. In the meantime, the Company urges all stockholders not to take any action until the special committee has had an opportunity to evaluate and respond to the various proposals made by B. Riley.

The Company also announced today that it will hold its annual meeting of stockholders on October 20, 2005. The record date for the annual meeting will be August 22, 2005.

Alliance Semiconductor Corporation is a leading worldwide provider of analog and mixed signal products, high-performance memory products, connectivity and networking solutions for the communications, computing, embedded, industrial and consumer markets.

The Board of Directors intends to file a proxy statement with the Securities and Exchange Commission relating to its solicitation of proxies for the Company’s Annual Meeting of Stockholders. Alliance Semiconductor stockholders are urged to read the Company’s proxy statement, when it becomes available, because it will contain important information. Alliance Semiconductor stockholders will be able to obtain a copy of the proxy statement, and any other relevant documents, for free at the Securities and Exchange Commission’s web site located at www.sec.gov. Alliance Semiconductor stockholders will also be able to obtain a free copy of the proxy statement, and other relevant documents, by contacting Alliance Semiconductor Investor Relations. All of the Alliance Semiconductor directors will be deemed to be participants in the Board’s solicitation of proxies, and certain of the executive officers of Alliance Semiconductor may be deemed to be participants in the Board’s solicitation of proxies. A description of the direct and indirect interests, by security holdings or otherwise, of these participants in the Board’s solicitation of proxies will be set forth in the proxy statement filed by Alliance Semiconductor with the Securities and Exchange Commission in connection with the Annual Meeting.