STEC, Inc. Announces an Additional Stock Repurchase Program of Up to $40 Million of the Company's Common Shares
August 29 2011 - 7:00PM
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 $40 million of its common shares. To facilitate
the repurchase of the shares, STEC adopted a written plan pursuant
to Rule 10b5-1 of the Securities Exchange Act of 1934, as amended
(the "10b5-1 Plan").
"Our management and Board of Directors continue to believe in
the long-term value of STEC," said Manouch Moshayedi, STEC's
Chairman and CEO. "This $40 million stock repurchase program
is in addition to the $15 million of STEC's common shares
repurchased earlier this month and reflects our confidence in
STEC's long-term fundamentals, growth prospects and strategy, and
demonstrates our commitment to delivering shareholder value and
realizing the full potential of our business and operations."
The repurchases may occur over a period beginning on September
15, 2011, continuing until the earlier of the completion of the
repurchase or March 30, 2012, under the prices, terms and
limitations set forth in the 10b5-1 Plan, including compliance with
Rule 10b-18 of the Securities Exchange Act of 1934, as
amended. Because the repurchases under the 10b5-1 Plan are
subject to certain pricing parameters, there is no guarantee as to
the exact number of shares, if any, that will be repurchased. A
Rule 10b5-1 Plan allows companies and individuals to repurchase
shares at times when they would ordinarily not be in the market
because of company trading policies or the possession of material
non-public information.
As of August 29, 2011, STEC had approximately 50.06 million
shares of common stock outstanding.
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, Inc. 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 stock repurchase; expectations with respect to the
timing and potential amount of such repurchases, if any; the terms
of the 10b5-1 Plan; the value of STEC's underlying common shares;
the long-term fundamentals, growth prospects and strategy of STEC;
the long-term value for shareholders; and the full potential of
STEC's business and operations. 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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