STEC Announces Rule 10b5-1 Trading Plan
August 31 2010 - 4:05PM
STEC, Inc. (Nasdaq:STEC) announced today that Board member F.
Michael Ball has established a pre-arranged trading plan in
accordance with Rule 10b5-1 of the Securities Exchange Act of 1934,
as amended, and STEC's policies regarding stock transactions by
insiders. The plan provides for the potential sales of common stock
through May 15, 2011, if pre-determined price thresholds and other
conditions specified in the plan are met.
Mr. Ball has informed STEC that these stock sales are part of
his personal long-term strategy for asset diversification and
liquidity. The transactions under the trading plan will be
disclosed publicly through Form 4 and, if applicable, Form 144
filings with the Securities and Exchange Commission.
Rule 10b5-1 permits corporate officers, directors and others to
adopt written, pre-arranged trading plans when they are not in
possession of material non-public information. Using these plans,
insiders may gradually spread stock trades over a period of time to
reduce market impact and regardless of any material, non-public
information they may receive after adopting their plans.
About STEC, Inc. (Nasdaq:STEC)
STEC, Inc. is a leading global provider of Solid-State
technologies and solutions tailored to meet the high-performance,
high-reliability needs of original equipment manufacturers (OEMs).
With headquarters in Santa Ana, California and locations worldwide,
STEC leverages almost two decades of Solid-State Drive knowledge
and experience to deliver the industry's most comprehensive line of
Solid-State Drives to the storage industry. For more information,
visit the company's web site at http://www.stec-inc.com.
The STEC, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=1079
Safe Harbor Statement under the Private Securities
Litigation Reform Act of 1995
This release contains forward-looking statements that involve
risks and uncertainties, including, but not limited to, statements
concerning the effect of sales under the stock trading plans on the
market. Such forward-looking statements are based on current
expectations and involve inherent risks and uncertainties,
including factors that could delay, divert or change any of them,
and could cause actual outcomes and results to differ materially
from current expectations. Although STEC believes that the forward
looking statements contained in this release are reasonable, it can
give no assurance that its expectations will be fulfilled.
Important factors which could cause actual results to differ
materially from those expressed or implied in the forward-looking
statements are detailed under "Risk Factors" in filings with the
Securities and Exchange Commission made from time to time by the
company, including its Annual Report on Form 10-K, its quarterly
reports on Form 10-Q, and its current reports on Form 8-K. The
information contained in this press release is a statement of
STEC's present intention, belief or expectation. STEC may change
its intention, belief or expectation, at any time and without
notice, based upon any changes in such factors, in STEC's
assumptions or otherwise. STEC undertakes no obligation to release
publicly any revisions to any forward-looking statements to reflect
events or circumstances occurring after the date hereof or to
reflect the occurrence of unanticipated events.
CONTACT: STEC, Inc.
Investor and Financial Media Contact:
Mitch Gellman, Vice President of Investor Relations
(949) 260-8328
ir@stec-inc.com
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