Mark and Manouch Moshayedi Also Voluntarily Cut Annual Salaries to $1
SANTA ANA, Calif., Dec. 3, 2012 (GLOBE NEWSWIRE) -- STEC, Inc. (Nasdaq:STEC), a leading global provider of solid-state drive (SSD) technologies and products, today announced the voluntary offer by Mark Moshayedi, president and chief executive officer, and Manouch Moshayedi, founder, to cut their annual salaries to $1 in response to STEC's ongoing efforts to lower its costs and improve its overall financial performance. The salary reduction was accepted by STEC's Board of Directors and took effect on December 1, 2012.
The two executives also purchased late last month on the open market approximately 275,000 shares of STEC common stock.
"We strongly believe in STEC's ability to continue to be a leading innovator in the SSD market and in our management team's efforts to navigate the company to a better position and realize its long-term potential," said Mark Moshayedi. "In support of these beliefs, we made open-market purchases of STEC's shares and have reduced our salaries. The share purchases also reflect our continued confidence in STEC extending its reach in the global enterprise-class SSD market, which continues to grow at a healthy pace. We look forward to executing on our strategy designed to reposition our business in ways that will allow us to capitalize on this growth and advance our standing as a leader in this market."
About STEC, Inc.
STEC, Inc. is a leading global provider of enterprise-class solid-state drive (SSD) technologies and solutions tailored to meet the high-performance, high-reliability and high-endurance needs of today's data-intensive server and storage platforms. With headquarters in Santa Ana, California, and locations worldwide, STEC leverages almost two decades of solid-state knowledge and experience to design, manufacture and deliver the most comprehensive line of PCIe, SAS, SATA, and embedded SSDs on the market today. In addition, STEC's EnhanceIO™ SSD Cache Software enables IT managers to cost-effectively scale server application performance. STEC's SSD solutions are designed to enable enterprise-class SSD storage and data-access acceleration in cloud computing and data centers, and are deployed around the globe. For more information, please visit www.stec-inc.com.
STEC, the STEC logo, and EnhanceIO 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.
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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 the growth of the SSD market; STEC's current repositioning strategy, including extending its reach in the global enterprise-class SSD market in part through extending STEC's sales and marketing and channel-support infrastructure to cater to enterprises directly; the capabilities, performance, cost advantages, and benefits of STEC's products and solutions; STEC's innovative technologies and leadership; reduction in certain executive annual salaries; and profitability projections. 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 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 forward-looking statements are detailed in filings with the U.S. Securities and Exchange Commission, made from time to time by STEC, including its most recent Annual Report on Form 10-K, its subsequent Quarterly Reports on Form 10-Q, and its subsequent Current Reports on Form 8-K, which are available on the Investor Relations section of STEC's website at www.stec-inc.com. The information contained in this press release is a statement of STEC's present intentions, beliefs or expectations. STEC may change its intentions, beliefs or expectations, at any time and without notice, based upon any changes in such factors, from STEC's assumptions and otherwise. Except as required by law, STEC undertakes no obligation to publicly release any revisions to any forward-looking statements to reflect events or circumstances occurring after the date thereof, or to reflect the occurrence of unanticipated events.
CONTACT: Mitch Gellman
Vice President of Investor Relations
Director, Public Relations