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Guru3D.com » News » OCZ Technology has Court Approval to Sell Its SSD Assets to Toshiba

OCZ Technology has Court Approval to Sell Its SSD Assets to Toshiba

by Hilbert Hagedoorn on: 01/18/2014 10:48 AM | source: | 2 comment(s)
OCZ Technology has Court Approval to Sell Its SSD Assets to Toshiba

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.







« AMD Working on 16-Core Processor with Integrated PCI Express 3.0 Controller · OCZ Technology has Court Approval to Sell Its SSD Assets to Toshiba · Google Removes Two Chrome Extensions in Adware Uproar »

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schmidtbag
Senior Member



Posts: 5741
Joined: 2012-11-10

#4746645 Posted on: 01/19/2014 07:29 AM
I had no idea they were even struggling, but I guess considering they don't really have anything much different to offer from the several other competitors out there, I can't say I'm really surprised. To be fair, they seemed to join in the SSD market pretty early on, but they're relatively small compared to some of the other brands. Besides, a name like OCZ (where, to my knowledge, they don't even explain what those letters mean) probably doesn't appeal to corporations compared to most of the other memory manufacturers.

VENGEANCE
Senior Member



Posts: 172
Joined: 2012-06-10

#4746856 Posted on: 01/19/2014 07:53 PM
OCZ stands for "overclockerz"... :banana:

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