STEC Responds to Balch Hill and Potomac Capital's Open Letter to STEC's Shareholders
15 March 2013 - 11:34AM
STEC, Inc. (Nasdaq:STEC), a leading global provider of solid-state
storage solutions, today confirmed that settlement discussions to
avert a proxy contest with Balch Hill and Potomac Capital have
broken down, as noted in an open letter they sent to STEC
shareholders.
"STEC has gone to great lengths to offer a reasonable compromise
to the two parties, which would have included giving them a
meaningful presence on our Board allowing a constructive and
collaborative path forward," said Kevin C. Daly, Ph.D., chairman of
STEC's Board of Directors. "We are disappointed that the
dissidents have decided to pursue this wasteful course of
action. The Board and management team remain fully committed
to creating value for all shareholders, and that remains our
focus."
The date for the 2013 Annual Meeting has not yet been
announced.
About STEC, Inc.
STEC, Inc. is a leading provider of enterprise-class,
solid-state storage solutions designed for the ever-growing
performance, reliability and endurance requirements of today's
advanced data centers. The industry's first company to deploy
solid-state drives (SSDs) into large-scale enterprise environments,
STEC offers the industry's widest range of solid-state storage
solutions, which protect critical information for major business
and government organizations worldwide. Headquartered in Santa Ana,
California, STEC also serves the embedded and military/aerospace
markets with SSDs for industrial and rugged environments. For more
information, visit www.stec-inc.com.
For information about STEC and to subscribe to STEC's "Email
Alerts" service, please visit STEC's web site at www.stec-inc.com,
click on the blue "Investors" tab at the top of the home page and
then click "Email Alerts."
The STEC, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=1079
STEC and the STEC logo 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 press release
contains forward-looking statements that involve risks and
uncertainties, including, but not limited to, statements concerning
or related to matters to be presented at STEC's 2013 annual meeting
of shareholders. 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. Additional important factors which 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. Special
attention is directed to the portions of those documents entitled
"Risk Factors" and "Management's Discussion and Analysis of
Financial Condition and Results of Operations." 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. Except as required by law, 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.
Additional Information
STEC will prepare and file a proxy statement in connection with
its 2013 Annual Meeting of Shareholders (the "2013 Annual
Meeting"). When completed, a proxy statement and a form of proxy
will be mailed to shareholders. STEC's shareholders are urged
to read the proxy statement when available because it will contain
important information. Once filed with the SEC, a copy of the proxy
statement and other relevant documents will be available on the
SEC's website at http://www.sec.gov and a copy may be obtained
without charge upon request (by mail or telephone) to STEC, Inc.,
Attn: Corporate Secretary, 3001 Daimler Street, Santa Ana,
California 92705-5812, telephone: (949) 476-1180, or from the
"Investor Relations" section of STEC's website,
www.stec-inc.com.
STEC and certain of its directors and executive officers may be
deemed to be participants in the solicitation of proxies in
connection with the election of directors at the 2013 Annual
Meeting. Information regarding STEC's directors and executive
officers, including their ownership of STEC common stock, can be
found in STEC's 2012 Annual Meeting proxy statement filed with the
SEC on April 3, 2012. Shareholders will be able to obtain
additional information regarding STEC's directors and executive
officers, including their interests, by reading STEC's 2013
Annual Meeting proxy statement and other relevant documents, when
filed with the SEC.
CONTACT: Mitch Gellman
Vice President of Investor Relations
STEC, Inc.
(949) 260-8328
ir@stec-inc.com
Jerry Steach
Director, Public Relations
STEC, Inc.
(415) 222-9996
jsteach@stec-inc.com
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