SST Updates Status of the Filing of its Financial Reports With the SEC
2007年12月27日 - 9:15AM
PRニュース・ワイアー (英語)
SUNNYVALE, Calif., Dec. 26 /PRNewswire-FirstCall/ -- SST (Silicon
Storage Technology, Inc.) (NASDAQ:SSTI), a leader in flash memory
technology, announced today that it plans to file its delinquent
periodic reports with the Securities and Exchange Commission by
January 15, 2008. It also intends to hold its 2007 annual
shareholders meeting as soon as practical thereafter. In March
2007, the Company announced it was conducting a voluntary review of
its historical stock option grant practices covering the time from
its initial public offering in 1995 through 2007. As a result,
SST's filings with the Securities and Exchange Commission were
delayed while the chairman of the Audit Committee conducted an
independent review. In July 2007, the Company announced the
chairman of the Audit Committee had reached a preliminary
conclusion that SST will need to restate its historical financial
statements to record additional non-cash stock-based compensation
expense related to stock option grants as a result of errors in
recording the measurement date for certain stock option grants.
Since that time SST has been working to determine those
compensation charges and their related impact and prepare its
delinquent filings. 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 and the timing of the filing of
restated and delinquent financial statements. Important factors
that could cause actual results to differ materially include: the
conclusions of SST's management and the conclusions of SST's
independent registered public accounting firm based on the results
of its review; 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 periodic
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 detailed from time to time in SST's
periodic reports, including the Annual Report on Form 10-K for the
year ended December 31, 2005. For more information about SST and
the company's comprehensive list of product offerings, please call
1-888/SST-CHIP. Information can also be requested via email to or
through SST's Web site at http://www.sst.com/. SST's head office is
located at 1171 Sonora Court, Sunnyvale, Calif.; telephone:
408/735-9110; fax: 408/735-9036. 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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