SAN JOSE, CA--(Marketwired - January 17, 2014) - OCZ Technology Group, Inc. (PINKSHEETS: OCZTQ), a leading provider of high-performance solid state drives (SSDs) for computing devices and systems, today announced that the Company received approval by the United States Bankruptcy Court for the District of Delaware to sell substantially all of its assets to Toshiba Corporation. The transaction is expected to close within the next week, subject to the satisfaction or waiver of other customary closing conditions under the Asset Purchase Agreement. With this asset purchase, the popular OCZ SSD brand supporting a complete portfolio of enterprise and consumer drives continues in full force leveraged by Toshiba's financial strength and its portfolio of NAND flash memory.
"We are pleased by the court's approval as this business combination allows the company to continue to bring to market disruptive solid state storage technology. We are appreciative of all the support provided by our shareholders, creditors, and vendors which allowed this combination to occur," said Ralph Schmitt, CEO for OCZ Technology. "The OCZ team is excited to be a part of an innovative company like Toshiba where we can continue to develop new and unique SSD technologies that position the Company as a solid state solutions leader in both the client and enterprise storage markets."
The Company is also in the process of going through a bidding procedure for the power management business and expects to close a transaction within the next few weeks. More information regarding the acquisition of its SSD assets and the transition to a Toshiba company will be forthcoming in the future. For more information about OCZ and its complete product portfolio, please visit www.ocz.com. For enterprise products, please visit www.ocz.com/enterprise. For consumer products, please visit www.ocz.com/consumer.
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 the successful completion of the acquisition by Toshiba, successfully negotiating a sale of OCZ's power management business, whether Toshiba will do with OCZ what it has told OCZ that it will do and the other general economic, business and financing conditions and factors are described in more detail in "Item 1A -- Risk Factors" in Part I in OCZ's Annual Report on Form 10-K filed with the SEC on October 7, 2013, and statements made in other subsequent filings. The filing is available both at www.sec.gov as well as via OCZ's website at www.ocz.com. OCZ does not undertake to update its forward-looking statements.