Zarlink Semiconductor Announces Exercise of Over-Allotment Option

    OTTAWA, Aug. 30 /CNW Telbec/ - Zarlink Semiconductor Inc. (NYSE/TSX:ZL)
announced today that the underwriters have exercised in part their
over-allotment option and purchased an additional Cdn$3,750,000 aggregate
principal amount of convertible unsecured subordinated debentures (the
"Convertible Debentures") at a purchase price of Cdn$1,000 per Convertible
Debenture, for gross proceeds of Cdn$3,750,000. On July 30, 2007, Zarlink
completed an offering of Cdn$75,000,000 aggregate principal amount of
subscription receipts (the "Subscription Receipts") at a price of Cdn$1,000
per Subscription Receipt. The Subscription Receipts were automatically
exchanged for Convertible Debentures on August 3, 2007, following the closing
of Zarlink's previously announced acquisition of Legerity Holdings, Inc.
("Legerity"). The Convertible Debentures trade on the Toronto Stock Exchange
under the symbol "ZL.DB".
    The Offering was underwritten by a syndicate led by CIBC World Markets,
which included National Bank Financial, RBC Capital Markets and Scotia
    This news release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any offer or sale of the
Convertible Debentures in any jurisdiction in which such offer, solicitation
or sale would be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
    A copy of the prospectus related to the Offering may be obtained from
CIBC World Markets Inc., 161 Bay Street, Toronto, ON, M5J 2S8, Attention:
Lovena Doodahnand (416) 594-7270.

    About Zarlink Semiconductor

    For over 30 years, Zarlink Semiconductor has delivered semiconductor
solutions that drive the capabilities of voice, enterprise, broadband and
wireless communications. The Company's success is built on its technology
strengths including voice and data networks, optoelectronics and ultra
low-power communications. For more information, visit
    Shareholders and other individuals wishing to receive, free of charge,
copies of the reports filed with the U.S. Securities and Exchange Commission
and Regulatory Authorities, should visit the Company's web site at or contact Investor Relations.

    Certain statements in this press release constitute forward-looking
statements within the meaning of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements involve known and unknown risks,
uncertainties, and other factors which may cause the actual results,
performance or achievements of the Company to be materially different from any
future results, performance, or achievements expressed or implied by such
forward-looking statements. Such risks, uncertainties and assumptions include,
among others, the following: our dependence on the successful development and
market introduction of new products; our ability to successfully integrate
businesses acquired in the future; our ability to operate profitably and
generate positive cash flows in the future; our dependence on our foundry
suppliers and third-party subcontractors; order cancellations and deferrals by
our customers; and other factors referenced in our Annual Report on Form 20-F.
Investors are encouraged to consider the risks detailed in this filing.

    Zarlink and the Zarlink Semiconductor logo are trademarks of Zarlink
    Semiconductor Inc.

For further information:

For further information: Ed Goffin, Media Relations, (613) 270-7112,; Mike McGinn, Investor Relations, (613) 270-7210,

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