SAN JOSE, Calif., June 28, 2010 (GLOBE NEWSWIRE) -- OCZ Technology Group, Inc. (Nasdaq:OCZ), a leading provider of high-performance solid-state drives (SSDs) and memory modules for computing devices and systems, has appointed Russ Knittel to its board of directors and as Chairman of the Audit Committee. The appointment brings the number of board members to five, three of whom are considered independent. Mr. Knittel will become chairman of OCZ Technology Group, Inc.'s audit committee beginning in September 2010 and has joined the compensation committee and nominating committees effective immediately.
Mr. Knittel, age 60, has served as Executive Vice President of Synaptics Inc. since July 2007 and Chief Financial Officer, Secretary, and Treasurer from November 2001 until September 2009. Mr. Knittel also served as Senior Vice President from November 2001 until July 2007 and as the Vice President of Administration and Finance, Chief Financial Officer, and Secretary from April 2000 through October 2001. Synaptics, based in Santa Clara, California, is a leading worldwide developer and supplier of custom designed human interface solutions that enable people to interact more easily and intuitively with a wide range of mobile computing, communications, entertainment, and other electronic devices. Prior to joining Synaptics, he served as Vice President and Chief Financial Officer for Probe Technology Corporation, Starlight Networks, and several other high-technology companies for the past 30 years. He also is member of the board for MarineMax, Inc. Mr. Knittel holds a Bachelor of Arts degree in accounting from California State University and an MBA from San Jose State University.
Ryan Petersen, OCZ's president and CEO, commented: "Russ brings a tremendous amount of experience and innate ability to OCZ, and we are fortunate to have him serve on our board. His high-tech business knowledge, particularly from his work at Synaptics, is extraordinary, and we expect to rely on his business and financial experience as we work to accelerate our solid state drive business."
"OCZ is leading the charge to advance solid state drive technology," commented Mr. Knittel. "Having worked thirty plus years in high technology, I have a deep appreciation for the value of innovation in driving emerging markets. I firmly believe the solid state drive represents the future of data storage and that OCZ is uniquely positioned to be a dominant player in the market. I look forward to serving as a director on the board and working with OCZ's management to help drive its growth strategy moving forward."
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 as leading-edge computer gaming solutions. For more information, please visit: www.ocztechnology.com.
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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 Annual Report on Form 10-K filed with the SEC on May 20, 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.