SAN JOSE, Calif., Oct. 5, 2011 (GLOBE NEWSWIRE) -- OCZ Technology Group, Inc. (Nasdaq:OCZ), a leading provider of high-performance solid-state drives (SSDs) for computing devices and systems, today announced it has signed a definitive agreement to acquire the UK Design Team and certain assets from PLX Technology, further strengthening the company's global research and development team.
PLX's UK Design Team has built a reputation for designing innovative and reliable system-on-chip (SOC) solutions and the acquired engineering team's expertise provides OCZ with additional resources for controller design. Through the acquisition of the engineering team and the license of intellectual property (IP), OCZ will be able to accelerate solid state drive development, reducing its time to market for next generation SSD products, while also reducing development costs.
"We are pleased to augment our engineering organization with the UK Design Team as they have been providing best of breed system-on-chip designs, software, and firmware since 1992," said Ryan Petersen, CEO of OCZ Technology. "We believe the additional engineers along with the access to increased IP resources will enable us to significantly reduce the costs associated with storage protocol licensing, while simultaneously speeding our time to market."
Pursuant to the agreement, OCZ will among other items acquire from PLX access to substantial IP and the UK Design Team, which consists primarily of approximately 40 engineers located in Abingdon, United Kingdom. PLX will retain their existing line of products which they will continue to support and supply to their customer base, and any patents related to the technology, for which OCZ will receive a perpetual license. The acquisition is subject to the satisfaction or waiver of various closing conditions.
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 enterprise and consumer SSD markets, 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 the satisfaction of closing conditions related to the acquisition of certain assets from PLX Technology; OCZ's employment of certain key members of the UK-based Design Team as part of the transaction; the ability to successfully utilize the new technology and retain their employees; 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 I in OCZ's Annual Report on Form 10-K filed with the SEC on May 17, 2011, and amended on May 31, 2011, 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.ocztechnology.com. OCZ does not undertake to update its forward-looking statements.