SST Announces Receipt of NASDAQ Notice
2007年11月20日 - 6:05AM
PRニュース・ワイアー (英語)
SUNNYVALE, Calif., Nov. 19 /PRNewswire-FirstCall/ -- SST (Silicon
Storage Technology, Inc.) (NASDAQ:SSTI) today announced that it has
received a NASDAQ Staff Determination letter dated November 13,
2007 indicating that SST is not in compliance with the filing
requirements for continued listing as set forth in Marketplace Rule
4310(c)(14) because SST has not filed its Quarterly Report on Form
10-Q for the quarter ended September 30, 2007. On April 26, 2007
SST attended a hearing before a NASDAQ Listing Qualifications Panel
in connection with the delay in the filing of SST's Annual Report
on Form 10-K for the year ended December 31, 2006. The filing of
SST's Quarterly Reports on Form 10-Q for the quarters ended March
31, 2007 and June 30, 2007 has also been delayed and SST has
subsequently provided the Panel with additional information to
consider in rendering its decision. Pending a decision by the
Panel, SST's shares will remain listed on the NASDAQ Global Market.
At this time, the chairman of the audit committee of the board of
directors has substantially completed a review of the company's
historical stock option practices and related accounting matters
covering the time from SST's initial public offering in 1995
through the current fiscal year with the assistance of independent
legal counsel and outside accounting experts. As previously
announced, the chairman of the audit committee has preliminarily
determined that SST's previously-issued financial statements for
the fiscal years 1997 through 2005 and for the quarters ended March
31, 2006, June 30, 2006 and September 30, 2006 will need to be
restated to correct errors related to accounting for stock-based
compensation expense. The stock-based compensation charges incurred
will have the effect of decreasing reported net income or
increasing reported loss from operations and decreasing the
reported retained earnings figures contained in SST's historical
financial statements for the periods noted above. SST does not
expect that the anticipated restatements will have any impact on
its historical revenues or cash position for any period. SST
intends to file its restated financial statements and its
delinquent Annual Report for the year ended December 31, 2006 and
delinquent Quarterly Reports for the quarters ended March 31, 2007,
June 30, 2007 and September 30, 2007 by the end of 2007. SST
continues to provide NASDAQ with information regarding the progress
of its restatement and intention to hold its 2007 annual meeting of
shareholders as soon as possible following the filing of its
restated financial statements and delinquent reports with the
Securities and Exchange Commission. The NASDAQ Listing
Qualifications Council has granted SST an exception to demonstrate
compliance with all the continued listing requirements until
January 18, 2008. About Silicon Storage Technology, Inc.
Headquartered in Sunnyvale, California, SST designs, manufactures
and markets a diversified range of memory and non-memory products
for high volume applications in the digital consumer, networking,
wireless communications and Internet computing markets. Leveraging
its proprietary, patented SuperFlash technology, SST is a leading
provider of nonvolatile memory solutions with product families that
include various densities of high functionality flash memory
components and flash mass storage products. The Company also offers
its SuperFlash technology for embedded applications through its
broad network of world-class manufacturing partners and technology
licensees, including TSMC, which offers it under its trademark
Emb-FLASH. SST's non-memory products include NAND controller-based
products, smart card ICs and modules, flash microcontrollers and
radio frequency ICs and modules. Further information on SST can be
found on the company's Web site at http://www.sst.com/.
Forward-Looking Statements Except for the historical information
contained herein, this news release contains forward-looking
statements regarding the effect of the restatement on SST's
historical financial statements, the timing of the filing of
restated and delinquent financial statements and actions by NASDAQ
with respect to the listing of SST's common stock. Important
factors that could cause actual results to differ materially
include: the conclusions of SST's management and the conclusions of
the independent registered public accounting firm based on the
results of its reviews; the time needed by SST's independent
registered public accounting firm to complete its audit, review and
other procedures relating to the financial statements and delayed
SEC reports and whether that firm will agree with the presentation
of financial statements prepared by SST; additional expenses that
may be recorded; the amount of the tax benefit and recording of the
tax effect, as well as other risks affecting SST as detailed from
time to time in the SST's SEC reports, including the Annual Report
on Form 10-K for the year ended December 31, 2005 and on Form 10-Q
for the quarters ended March 31, June 30 and September 30, 2006.
These forward-looking statements are not guarantees of future
performance and speak only as of the date hereof, and, except as
required by law, SST disclaims any obligation to update these
forward-looking statements to reflect future events or
circumstances. The SST logo and SuperFlash are registered
trademarks of Silicon Storage Technology, Inc. All other trademarks
or registered trademarks are the property of their respective
holders. For More Information Contact: Leslie Green Green
Communications Consulting, LLC (650) 312-9060 DATASOURCE: Silicon
Storage Technology, Inc. CONTACT: Leslie Green of Green
Communications Consulting, LLC, +1-650-312-9060, for Silicon
Storage Technology, Inc. Web site: http://www.sst.com/
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