Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - ZCO LIQUIDATING Corp | v178704_8-k.htm |
| EX-4.3 - FORM OF WARRANT FOR INVESTORS - ZCO LIQUIDATING Corp | v178704_ex4-3.htm |
| EX-4.2 - FORM OF REGISTRATION RIGHTS AGREEMENT - ZCO LIQUIDATING Corp | v178704_ex4-2.htm |
| EX-4.1 - FORM OF SECURITIES PURCHASE AGREEMENT - ZCO LIQUIDATING Corp | v178704_ex4-1.htm |
| EX-4.4 - FORM OF WARRANT FOR PLACEMENT AGENT - ZCO LIQUIDATING Corp | v178704_ex4-4.htm |
Exhibit
99.1
OCZ
TECHNOLOGY RAISES $15.4 MILLION WITH
INSTITUTIONAL
INVESTORS THROUGH PRIVATE
TRANSACTION
Funding
to Enable Continued Development of its SSD Business
SAN JOSE, CA—March 24,
2010—OCZ Technology Group, Inc. (OTCBB:OCZT), a leader in high
performance and reliable memory and flash-based storage as an alternative to
hard disk drives (HDDs), has closed $15.45 million in funding in order to
support its growing solid state drive (SSD) business.
Through
the transaction, OCZ sold 5,151,662 shares of its common stock (approximately
$15.45 million in the aggregate) to several institutional investors. The
transaction includes warrants to purchase an aggregate of an additional
2,575,831 shares of common stock. The warrants are immediately exercisable, have
a term of five years and contain certain other features. Merriman
Curhan Ford (NASDAQ:MERR) acted as the exclusive placement agent for the
transaction.
“Over the
course of the last few years, we have met the demand for a better storage option
head-on, by delivering high performance solid state disk drives to a wide array
of customer’s globally” said Ryan Petersen, President and Chief Executive
Officer of OCZ Technology Group. “This round of funding will enable
OCZ to continue its growth in SSDs and accelerate the development of
next-generation solutions.”
Mr.
Petersen further commented, “We believe that OCZ is well-positioned to advance
the deployment of flash-based storage solutions. OCZ will continue to design,
develop and implement SSD technology with its current base of over 300 customers
while opening up new markets through targeting enterprise and OEM customers
seeking to adopt flash media as primary storage.”
Mr. Petersen concluded,
“We very much appreciate the efforts of Merriman who recognized the potential
in our markets, understood the intrinsic value in OCZ and worked closely with us
to bring this transaction to a successful conclusion.”
About
OCZ Technology Group, Inc.
Founded
in 2002, San Jose, CA-based OCZ Technology Group, Inc. (“OCZ”), is a leader in
the design, manufacturing, and distribution of high performance and reliable
Solid State Drives (SSDs) and premium computer components. OCZ has
built on its expertise in high-speed memory to become a leader in the SSD
market, a technology that competes with traditional rotating magnetic hard disk
drives (HDDs). SSDs are faster, more reliable, generate less heat and
use significantly less power than the HDDs used in the majority of computers
today. In addition to SSD technology, OCZ also offers high
performance components for computing devices and systems, including
enterprise-class power management products as well leading-edge computer gaming
solutions. For more information, please visit:
www.ocztechnology.com.
Forward-Looking
Statements
Certain
statements in this release relate to future events and expectations and as such
constitute forward-looking statements involving known and unknown factors that
may cause actual results of OCZ Technology Group, Inc. to be different from
those expressed or implied in the forward-looking statements. In this context,
words such as “will,” “would,” “expect,” “anticipate,” “should” or other similar
words and phrases often identify forward-looking statements made on behalf of
OCZ. It is important to note that actual results of OCZ may differ
materially from those described or implied in such forward-looking statements
based on a number of factors and uncertainties, including, but not limited to,
market acceptance of OCZ’s products and OCZ’s ability to continually develop
enhanced products; adverse changes both in the general macro-economic
environment as well as in the industries OCZ serves, including computer
manufacturing, traditional and online retailers, information storage, internet
search and content providers and computer system integrators; OCZ’s ability to
efficiently manage material and inventory, including integrated circuit chip
costs and freight costs; and OCZ’s ability to generate cash from operations,
secure external funding for its operations and manage its liquidity
needs. Other general economic, business and financing conditions and
factors are described in more detail in “Item 1A – Risk Factors” in Part II in
OCZ’s Quarterly Report on Form 10-Q filed with the SEC on January 14, 2010. The
filing is available both at www.sec.gov as well
as via OCZ’s website at www.ocztechnology.com. OCZ does not undertake
to update its forward-looking statements.
Contact:
OCZ
Technology Group, Inc.
Ryan
Petersen, CEO
408-733-8400
The
Investor Relations Group
212-825-3210
Investor
Relations:
Adam
Holdsworth
or
Public
Relations:
Robin
O’Malley or Mike Graff