SST Announces Receipt of NASDAQ Notice
2008年1月9日 - 6:05AM
PRニュース・ワイアー (英語)
SUNNYVALE, Calif., Jan. 8 /PRNewswire-FirstCall/ -- SST (Silicon
Storage Technology, Inc.) (NASDAQ:SSTI) today announced that it has
received a NASDAQ Staff Determination letter dated January 2, 2008
indicating that SST is not in compliance with the filing
requirements for continued listing as set forth in Marketplace
Rules 4350(e) and 4350(g) because SST did not solicit proxies nor
hold an annual meeting of shareholders during 2007. In addition, as
previously announced SST is not in compliance with Marketplace Rule
4310(c)(14) as it has not filed its Annual Report on Form 10-K for
the year ended December 31, 2006 nor its Quarterly Reports on Form
10-Q for the quarters ended March 31, June 30 and September 30,
2007. SST plans to file its delinquent periodic reports with the
Securities and Exchange Commission by January 15, 2008 and submit a
compliance plan with respect to Marketplace Rules 4350(e) and
4350(g) to the NASDAQ Listing Qualifications Panel as soon as
possible thereafter. Pending a decision by the Panel, SST's shares
will remain listed on the NASDAQ Global Market. 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, flash microcontroller 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 Web site: http://www.sst.com/
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