STEC, Inc. Announces a Stock Repurchase Program of Up to $15 Million of the Company's Common Shares
August 04 2011 - 4:20PM
STEC, Inc. (Nasdaq:STEC), The SSD Company™, a leading global
provider of solid-state drive (SSD) technologies and products,
today announced that its Board of Directors has authorized the
repurchase of up to $15 million of its common shares. The company
expects to complete these repurchases by the end of August 2011.
"Our management and Board of Directors believe in the long-term
value of STEC, and have approved the repurchase of up to $15
million of the company's common shares on the open market," said
Manouch Moshayedi, STEC's Chairman and CEO. "Today's announcement
reflects our confidence in STEC's long-term strategy and
demonstrates our commitment to delivering shareholder value."
Under the stock repurchase program, the company is authorized to
repurchase up to $15 million of its issued and outstanding common
shares from time to time in open-market and privately negotiated
transactions and block trades, in accordance with federal
securities laws, including Rule 10b-18 promulgated under the
Securities Exchange Act of 1934, as amended. There is no guarantee
as to the exact number of shares, if any, that will be repurchased
by the company. The share repurchase program may be modified,
terminated or extended by the company at any time without prior
notice.
About STEC
STEC, Inc., The SSD Company™, is a leading global provider of
solid-state drive (SSD) 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 knowledge and experience to deliver the most
comprehensive line of SSDs to the storage industry. For more
information, visit the company's web site at
http://www.stec-inc.com.
The STEC logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=1079
STEC, the STEC logo, and The SSD Company are either registered
trademarks or trademarks of STEC, Inc. in the United States and
certain other countries. All other trademarks or brand names
referred to herein are the property of their respective owners.
Safe Harbor Statement Under the Private Securities
Litigation Reform Act of 1995
This release contains forward-looking statements that involve
risks and uncertainties, including those statements concerning
STEC's planned common share repurchase; expectations with respect
to the timing and amount of such repurchases; the value of STEC's
underlying common shares; and STEC's long-term strategy. 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. Important factors that could cause actual results to
differ materially from those expressed or implied in the
forward-looking statements are detailed in filings with the
Securities and Exchange Commission made from time to time by STEC,
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: Mitch Gellman
Vice President of Investor Relations
STEC, Inc.
(949) 260-8328
ir@stec-inc.com
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