Tundra Semiconductor Announces Share Repurchase Program

    TSX Approves Tundra's Normal Course Issuer Bid

    OTTAWA, March 27 /CNW Telbec/ - Tundra Semiconductor Corporation
(TSX:TUN), the leader in System Interconnect, announced today that the Toronto
Stock Exchange (TSX) has accepted the Company's notice of intention to make a
normal course issuer bid. The Tundra Board of Directors has approved Tundra's
purchase of up to 1,722,000 common shares (representing approximately 10% of
Tundra's public float). The normal course issuer bid will commence on
March 29, 2007 and will terminate on March 28, 2008 or on such earlier date as
Tundra has purchased the maximum number of shares permitted under the bid.
Tundra currently has 19,996,429 common shares outstanding and its public float
is 17,224,412 common shares.
    Tundra expects to use cash, short term investments and future operating
cash flows to fund the repurchase of shares. Purchases under the bid will be
made on the open market by Tundra through the facilities of the TSX at the
prevailing market price at the time of the transaction. Purchases under the
bid may be made at any time during the twelve month period subject to the
rules and regulations of the TSX. All shares acquired by Tundra under the bid
will be cancelled. Tundra has not previously entered into a normal course
issuer bid.
    Management and the Board of Directors of Tundra believe that the market
price of Tundra's common shares, from time to time, may not reflect the
inherent value of the Corporation. The share repurchase program reflects the
Company's confidence in the fundamentals of Tundra's business and opportunity.
    "In addition to our on-going strategic plans for investments in mergers
and acquisitions and in research and development to build organic growth, we
anticipate that initiating a share repurchase program at this time will be an
effective use of the Company's financial resources," said Daniel Hoste,
President and Chief Executive Officer of Tundra.

    About Tundra

    Tundra Semiconductor Corporation (TSX:TUN) supplies the world's leading
communications, computing and storage companies with smart System Interconnect
products, intellectual property (IP) and design services backed by world-class
customer service and technical support. Tundra's track record of product
leadership includes over a decade of bridges and switches enabling key
industry standards: RapidIO(R), PCI, PCI-X, PCI Express(R), PowerPC(R), VME,
HyperTransport(TM), Interlaken, and SPI4.2. Tundra's products deliver high
functional quality and simplified board design and layout, with specific focus
on system level signal integrity. Tundra's design services division, Silicon
Logic Engineering, Inc., offers industry-leading ASIC and FPGA design
services, semiconductor intellectual property and product development
consulting. Tundra's smart technology connects critical components in high
performance embedded systems around the world. For more information, please
visit www.tundra.com.

    Forward Looking Information

    Tundra cautions that forward-looking information in this release is based
on certain assumptions and expectations made by Tundra that may prove to be
inaccurate. Assumptions made include anticipated market trading prices,
customer demand for Tundra's products and services, Tundra's ability to
maintain and enhance existing customer relationships, as well as Tundra's
ability to bring to market the products currently under development.

    Furthermore, Tundra cautions that forward-looking statements in this
release are based on current assumptions and expectations that are subject to
risks and uncertainties. Actual results may differ due to factors such as
market risks and trading prices, customer demand, customer relationships, new
product development, new services offerings, product shipping schedules,
product mix, competitive products and services, pricing pressure, and changes
in the embedded systems market specifically. The Company assumes no obligation
to update or revise any forward-looking statements. Additional information
identifying risks and uncertainties is contained in the Company's filings with
the various provincial securities commissions which are available online at

    TUNDRA and the Tundra logo are registered marks of Tundra Semiconductor
Corporation in Canada, the European Union and the People's Republic of China
(registration is pending in the United States). Design.Connect.Go. is a
trademark of Tundra Semiconductor Corporation. Other registered and
unregistered trademarks are the property of their respective owners.

    (C) Copyright 2007 Tundra Semiconductor Corporation. All rights reserved.
Information subject to change without notice.

For further information:

For further information: David Long, Chief Financial Officer, (613)
592-0714, david.long@tundra.com; Veronica Farmer, Director, Corporate
Communications, (613) 592-0714, veronica.farmer@tundra.com

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