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|STEC, Inc. Announces a Stock Repurchase Program of Up to $15 Million of the Company's Common Shares|
SANTA ANA, Calif., Aug 4, 2011 (GlobeNewswire via COMTEX) -- STEC, Inc. (Nasdaq:STEC), The SSD Company(TM), 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.
STEC, Inc., The SSD Company(TM), 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.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: STEC, Inc.
CONTACT: Mitch Gellman