Good news for OCZ, it looks like the Toshiba may purchase the SSD devision of OCZ. This on the long term will secure OCZ and all of its assets securing the company and its staff. OCZ Technology Group announced that the Company received approval by the United States Bankruptcy Court for the District of Delaware to sell substantially all of its assets to Toshiba Corporation. The transaction is expected to close within the next week, subject to the satisfaction or waiver of other customary closing conditions under the Asset Purchase Agreement. With this asset purchase, the popular OCZ SSD brand supporting a complete portfolio of enterprise and consumer drives continues in full force leveraged by Toshiba's financial strength and its portfolio of NAND flash memory.
"We are pleased by the court's approval as this business combination allows the company to continue to bring to market disruptive solid state storage technology. We are appreciative of all the support provided by our shareholders, creditors, and vendors which allowed this combination to occur," said Ralph Schmitt, CEO for OCZ Technology. "The OCZ team is excited to be a part of an innovative company like Toshiba where we can continue to develop new and unique SSD technologies that position the Company as a solid state solutions leader in both the client and enterprise storage markets."
The Company is also in the process of going through a bidding procedure for the power management business and expects to close a transaction within the next few weeks. More information regarding the acquisition of its SSD assets and the transition to a Toshiba company will be forthcoming in the future.
OCZ Technology Receives Extension From NASDAQ - 09/13/2013 07:07 AM
The troubled waters of the past seem to clean indefinitely. OCZ Technology Group, Inc. (NASDAQ: OCZ), a leading provider of high-performance solid-state drives (SSDs) for computing devices and system...
OCZ Technology Buys SANRAD Inc. - 01/12/2012 06:46 PM
OCZ Technology Group, Inc., a leading provider of high-performance solid-state drives (SSDs) for computing devices and systems, today announced it has acquired SANRAD Inc., a privately held provider o...
OCZ Technology Launches Z-Drive R4 PCI Express - 08/03/2011 09:43 AM
OCZ now officially announced the release of Z-Drive Revision 4 (R4) PCI Express (PCIe) storage solutions designed to dramatically accelerate enterprise applications and significantly reduce total cost...
Post New Comment
Click here to post a comment for this news story on the message forum.