According to Taiwan-based Afatech's press release, the company and DTV (Digital Television) design house USBest Technology, a subsidiary of Taiwan's UMC (United Microelectronics), announced their merger on August 1. The new entity, leveraging USBest's NAND flash technologies and Afatech's DTV know-how, is capitalized at around NT$400 million (US$12.0 million; US$1 = NT$ 33.2) and will retain the name of Afa in English,. The merger will take effect as of March 2008.