IRVINE, Calif., Feb. 17, 2015 /PRNewswire/ -- Netlist, Inc.
(NASDAQ: NLST), a leading provider of high performance and hybrid
memory solutions for the cloud computing and storage markets, today
announced that it has amended the credit financing agreement it
entered in July 2013 with an
affiliate of Fortress Investment Group LLC (NYSE: FIG), a leading
global investment management firm. The amended agreement
accelerates the availability of financing and enhances Netlist's
economics through a cap on the financing's total patent
monetization share.
"The immediate availability of additional capital from Fortress
is a vote of confidence in our growing and strategically important
product and intellectual property portfolios," said Netlist
President and Chief Executive Officer, C.K.
Hong. "Fortress' intellectual property team continues
to be a key source of accretive capital to support our ongoing
innovation and growth."
About Netlist:
Netlist, Inc. designs and manufactures
high-performance, logic-based memory subsystems for server and
storage applications for cloud computing. Netlist's flagship
products include NVvault® and EXPRESSvault™ family of hybrid memory
products that significantly accelerate system performance and
provide mission critical fault tolerance, HyperCloud®, a patented
memory technology that breaks traditional performance barriers, and
a broad portfolio of industrial Flash and specialty memory
subsystems including VLP (very low profile) DIMMs and Planar-X
RDIMMs. Netlist has steadily invested in and grown its worldwide IP
portfolio, which now includes 81 issued and pending patents in the
areas of high performance memory and hybrid memory
technologies.
Netlist develops technology solutions for customer applications
in which high-speed, high-capacity, small form factor and efficient
heat dissipation are key requirements for system memory. These
customers include OEMs and hyperscale datacenter operators that
design and build servers, storage systems and high-performance
computing clusters, engineering workstations and telecommunications
equipment. Founded in 2000, Netlist is headquartered in
Irvine, CA with manufacturing
facilities in Suzhou, People's Republic
of China. Learn more at www.netlist.com.
Safe Harbor Statement:
This news release contains
forward-looking statements regarding future events and the future
performance of Netlist. These forward-looking statements involve
risks and uncertainties that could cause actual results to differ
materially from those expected or projected. These risks and
uncertainties include, but are not limited to, risks associated
with the launch and commercial success of our products, programs
and technologies; the success of product partnerships; continuing
development, qualification and volume production of
EXPRESSvault™, NVvault™,
HyperCloud® and VLP Planar-X RDIMM; the timing and
magnitude of the anticipated decrease in sales to our key customer;
our ability to leverage our NVvault™ technology in a
more diverse customer base; the rapidly-changing nature of
technology; risks associated with intellectual property, including
patent infringement litigation against us as well as the costs and
unpredictability of litigation over infringement of our
intellectual property and the possibility of our patents being
reexamined by the United States Patent and Trademark office;
volatility in the pricing of DRAM ICs and NAND; changes in and
uncertainty of customer acceptance of, and demand for, our existing
products and products under development, including uncertainty of
and/or delays in product orders and product qualifications; delays
in the Company's and its customers' product releases and
development; introductions of new products by competitors; changes
in end-user demand for technology solutions; the Company's ability
to attract and retain skilled personnel; the Company's reliance on
suppliers of critical components and vendors in the supply chain;
fluctuations in the market price of critical components; evolving
industry standards; and the political and regulatory environment in
the People's Republic of China.
Other risks and uncertainties are described in the Company's annual
report on Form 10-K filed on March 18,
2014, and subsequent filings with the U.S. Securities and
Exchange Commission made by the Company from time to time. Except
as required by law, Netlist undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
For more information, please contact:
Brainerd Communicators, Inc.
Mike Smargiassi/Jenny Perales
NLST@braincomm.com
(212) 986-6667
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SOURCE Netlist, Inc.