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OCZ Announces Preliminary 1Q14 Financials

OCZ Technology Group, Inc. (NASDAQ: OCZ), a leading provider of high-performance solid-state drives (SSDs) and power management solutions for computing devices and systems today announces selected preliminary financial results for the first quarter ended May 31, 2013, subject to customary closing and audit procedures.
Preliminary revenue for the first quarter of fiscal 2014 is estimated to be between $50 and $55 million. The sequential decrease in revenue was primarily due to the continued tight supply of NAND flash. The Company's revenue mix continued to shift towards the mainstream and higher-end client markets, as well as enterprise and OEM solutions as the Company continued to focus on these end markets. At the end of the quarter there was an additional $23 million of shippable backlog that was unrealized in the quarter due to supply constraints.

Gross margin continued to improve and is estimated to be between 17% and 20% for the first fiscal quarter as revenue generated from our Enterprise solutions increased sequentially. The Company continued to reduce its operating expenses by further reducing non critical spending. The Company's break-even level continues to improve due to these actions. Operating expenses for the first quarter are estimated to be between $20 and $22 million, which include restatement related expenses of approximately $1.5 million and stock compensation charges of approximately $2 million. Cash flow improved as we reduced our quarterly cash usage to approximately $6 million in the quarter. Cash ended the quarter between $6 and $7 million with total debt outstanding of $10 million. The Company expects that it will require access to additional capital which it is currently in the process of securing.

OCZ Technology Group Updates Investors on Restatement Progress

OCZ Technology Group, Inc. (NASDAQ: OCZ), a leading provider of high-performance solid-state drives (SSDs) and power management solutions for computing devices and systems, is updating investors on its restatement process.

"We know that our restatement efforts are top of mind for all investors. This process has taken longer than we expected due to a number of items. Complexity of the transactions, as well as resource issues, were the main drivers for the additional time needed. Rafael Torres, our new CFO, joined us in late March with significant restatement experience and has filled key financial leadership positions and improved the technical depth of the finance organization," stated Ralph Schmitt, CEO of OCZ Technology. "Through these improvements, we have implemented a more rigorous review process that has also resulted in the identification of additional restatement items that have taken some time to review, document and conclude on. Taking these items into account, we believe that we are on track to becoming current with our SEC filings before the end of August."

OCZ Announces Settlement of Shareholder Derivative Litigation

OCZ Technology Group, Inc. (NASDAQ: OCZ), a leading provider of high-performance solid-state drives (SSDs) and power management solutions for computing devices and systems, today announces that it has reached a settlement in principle of federal shareholder derivative litigation filed in connection with the Company's previously announced financial restatement.

The settlement is subject to negotiation of final documentation. It is also subject to court approval. The settlement will be funded by the Company's D&O liability insurance and will not require any payments by the Company. This settlement does not resolve separate consolidated shareholder class actions pending in connection with the restatement.

OCZ Technology Obtains Favorable NASDAQ Listing Determination

OCZ Technology Group, Inc. (NASDAQ: OCZ), a leading provider of high-performance solid-state drives (SSDs) for computing devices and systems, today announced that on May 28, 2013 the Company received a determination from the NASDAQ Listing Qualifications Panel (the "Panel") indicating that the Panel had granted the Company's request to remain listed on The NASDAQ Stock Market, subject to the condition that the Company is current in the filing of its periodic reports with the Securities and Exchange Commission by September 16, 2013. The Company is required to promptly notify NASDAQ of significant events that occur during the exception period. The Panel reserves the right to reconsider the terms of the exception if it believes that the continued listing of the Company's common stock on The NASDAQ Stock Market is inadvisable or unwarranted.

The determination follows the Company's hearing before the Panel on May 16, 2013, at which the Panel considered the Company's plan to regain compliance with NASDAQ's filing requirement. The Company is working to timely satisfy the terms of the Panel's decision; however, there can be no assurance that it will be able to do so.
"We are delighted that NASDAQ has granted us this extension. As recognized by this extension, the Company has made substantial progress in becoming current with our filings and we look forward to completing this as soon as possible," said Ralph Schmitt, CEO of OCZ Technology Group.

OCZ Launches the Vertex 450 Series Solid State Drives

OCZ Technology Group, Inc., a leading provider of high-performance solid-state drives (SSDs) for computing devices and systems, today announced the release of the Vertex 450 SATA III SSD Series featuring the company's proprietary Indilinx Barefoot 3 M10 Series controller. As part of the leading-edge Vertex series, Vertex 450 lives up to its name and bridges the gap between high performance and mainstream solid-state storage. With advanced storage performance, reliability, and quality, the Vertex 450 utilizes 20 nm process geometry NAND flash to meet the needs of today's high-end consumer and client applications.

"As one of the industry's most highly awarded SSD Series to date, the Vertex name has become synonymous with the latest and greatest in flash-based storage providing an exceptional balance of performance and cost efficiency," said Daryl Lang, Senior Vice President of Product Management for OCZ Technology. "The Vertex 450 marks the first time this popular OCZ series utilizes in-house ASIC technology delivering an even greater level of speed, reliability and value for our customers."

OCZ Technology Issues Update for Investors

OCZ Technology Group, Inc. (NASDAQ: OCZ), a leading provider of high-performance solid-state drives (SSDs) for computing devices and systems, provides business update for the fourth quarter of 2013.

The Company is disclosing certain preliminary information about its fourth quarter of fiscal 2013 that ended on February 28, 2013, subject to certain closing procedures and further review by the Company and its auditors. As previously reported the Company estimated that revenue in each of the unreported quarters ending August 31, 2012 and November 30, 2012 is in the range of $65 million to $85 million. This range takes into effect the impact of the reclassification of certain customer costs from operating expenses to revenue, the significant reduction in channel inventory, the timing of revenue recognition and reserves for product returns. The preliminary revenue range for the unreported fourth quarter of fiscal 2013 is estimated to be between $65 million and $70 million.

OCZ Vertex 5 SSD Series Detailed

OCZ is reportedly readying the 5th generation of its Vertex line of high-performance consumer SSDs. Vertex 5, as it's being called, could retake market positioning of being the company's flagship product, from its Vector series. The new lineup, which could consist of 128 GB, 256 GB, and 512 GB models, could be launched towards the end of May, 2013.

OCZ could use Vertex 5 to strengthen its lineup against Samsung, which appears to have captured the performance segment with its 840 and 840 Pro series, using aggressive pricing, particularly with 840 (non-Pro). Vertex 5 could be based on the same Barefoot 3 platform as Vector, with a few tweaks. It could integrate 20 nm MLC NAND flash. With the company engaged in legal tussles with some of its former investors, it could be interesting to see how the company competes with Samsung's pricing.

Source: NordicHardware

OCZ Technology Provides Update on Restatement Process and NASDAQ Status

OCZ Technology Group, Inc. (NASDAQ: OCZ), a leading provider of high-performance solid-state drives (SSDs) for computing devices and systems, today announced that as a result of the ongoing restatement process, the Company will not meet the previously disclosed April 8, 2013 NASDAQ extension date to become current in its periodic report filings with the Securities and Exchange Commission. The Company has made substantial progress on the restatement for the prior periods and expects to complete the restatement process and make its regulatory filings as soon as practicable.

The filing of the Company's Forms 10-Q for the periods ended August 31, 2012 and November 30, 2012 will be further delayed as the Company completes its process to restate its financial statements for the first quarter of fiscal 2013, as well as for fiscal year 2012 before those filings are made.

OCZ Technology Appoints Rafael Torres as Chief Financial Officer

OCZ Technology Group, Inc. (NASDAQ: OCZ), a leading provider of high-performance solid-state drives (SSDs) for computing devices and systems, today announced the appointment of Rafael Torres as Chief Financial Officer (CFO) reporting directly to Ralph Schmitt, Chief Executive Officer (CEO) effective immediately. Torres, age 45, joins OCZ with over 15 years of experience as a senior leader in finance and over 10 years serving as CFO. Torres replaces Arthur Knapp, age 64, who is leaving the Company to begin his retirement.

"We are very excited that Rafael has joined our team as CFO and believe that his proven track record in all aspects of financial management will provide immediate benefits to our Company," said Ralph Schmitt, CEO for OCZ Technology. "We also would like to take this opportunity to thank Art Knapp for his nine years of service to OCZ as CFO and wish him the very best in his retirement. Art helped build OCZ to be a leading provider of solid-state storage and power management solutions, and will continue to assist us as we complete our restatement. He played a critical role in first identifying and then rectifying the problems surrounding our recent financial reporting."

OCZ Vector PCIe 960GB Tested, Belts Out 930 MB/s

What's better than an OCZ Vector SSD? Two of them in RAID 0, on a PCIe add-on card. The SSD may use two SSD subunits in RAID, yet it's backed by OCZ's VCA 2.0 (virtualized controller architecture), which lends it TRIM support, even in high-performance RAID 0 modes. At CeBIT, the company ran live benchmarks of the drive. These include tests that are generally lenient on the drives (sequential tests), yet the results are impressive.

To begin with, the Vector PCIe 960 GB belts out up to 929.96 MB/s sequential read speeds, 883.94 MB/s sequential writes; and a comfortable 4K 64-thread read performance of 544.71 MB/s, 486.19 MB/s writes. It scrapes the 1000 MB/s mark in ATTO. In synthetic tests that replicate real-world scenarios, such as ISO file copy, program access, and game resource access, the drive managed to stay above 396 MB/s. The drive has advertised read/write speeds of 1000 MB/s, and random access performance as high as 140,000 IOPS.

Source: Lab501.ro

OCZ Technology Launches New VXL 1.3 Software at CeBIT 2013

OCZ Technology Group, Inc. (Nasdaq:OCZ), a leading provider of high-performance solid-state drives (SSDs) for computing devices and systems, today announced the general availability of the next release of its popular VXL Cache and Virtualization Software. VXL 1.3 has evolved its synchronous data mirroring capabilities and automatic server failover mechanisms to enable 'SAN-less,' highly available, fault tolerant environments based entirely on virtualized host flash. The ability to provide uninterrupted service for business-critical applications even during severe system failures is a requirement for IT managers of any sized data center, and ideally suited for virtualized database deployments, email servers, or cloud computing applications.

Another innovation in this new version of VXL allows IT managers to pre-load the cache with critical data at pre-determined schedules to ensure that important data is available on SSD flash at the precise time it is required by the application.

OCZ Technology Delivers Vertex 3 With 20 Nanometer Flash

OCZ Technology Group, Inc., a leading provider of high-performance solid-state drives (SSDs) for computing devices and systems, today announced a new 20 nanometer (nm) NAND flash version of its award-winning Vertex 3 SSD Series. The new Vertex 3.20 SSD is a 2.5-inch, 6 Gbps SATA III-based Multi-Level Cell (MLC) drive that implements the feature-set of the Vertex 3 Series but is built around smaller, state-of-the-art NAND flash process geometry.

Being that the Vertex 3 Series is one of OCZ's most popular SSDs to date, and has received numerous accolades from media reviewers globally, the implementation of 20 nm NAND flash will extend its availability and enable mainstream users of mobile and desktop platforms to improve gaming, multimedia, and the overall computing experience over traditional hard disk drives (HDDs) and other competing SSDs. The Vertex 3.20 SSD will be available in 120 GB and 240 GB storage capacities, with 480 GB capacities to follow soon.

FarCry 3 Game Bundle Now With OCZ Vector SSDs

OCZ is giving away copies (U-play keys) of the hit first-person shooter title Far Cry 3 to new and existing owners of its Vector 256 GB and 512 GB solid-state drives (SSDs). A page has been set up where owners of the drives can enter purchase details of their drives to redeem their keys. Based on its newest Indilinx silicon, the Vector line of SSDs is OCZ's fastest in its consumer lineup.

OCZ Technology Provides Further Update on its Business

OCZ Technology Group, Inc. (NASDAQ: OCZ), a leading provider of high-performance solid-state drives (SSDs) for computing devices and systems, today announced additional estimated financial information in an effort to further communicate with key constituents of the Company.

The following preliminary estimates are subject to further review by the Company and its auditors. The Company estimates that its quarterly revenue will range between $65 million to $85 million in each quarter for the second and third fiscal quarters of 2013. This range takes into effect the impacts of the reclassification of certain customer costs from operating expenses to revenue, the significant reduction of channel inventory, the timing of revenue recognition, and the levels of reserves for product returns.

FinalWire Announces AIDA64 v2.80

FinalWire Ltd. today announced the immediate availability of AIDA64 Extreme Edition 2.80 software, a streamlined diagnostic and benchmarking tool for home users; and the immediate availability of AIDA64 Business Edition 2.80 software, an essential network management solution for small and medium scale enterprises.

The new AIDA64 update offers optimized benchmarks for Intel Atom Z2760, implements support for OpenCL 1.2 Update and OpenGL ES 3.0, and provides GPU details for the latest AMD Radeon and nVIDIA GeForce graphics accelerators.

DOWNLOAD: FinalWire AIDA64 v2.80 Installer (EXE), ZIP package

OCZ Adds 750 W and 850 W Models to Its PC Power & Cooling Silencer Mk III PSU Line

OCZ Technology Group, Inc., a leading provider of high-performance solid-state drives (SSDs) and power management solutions for computing devices and systems, today announced that it has added 750 W and 850 W power supply unit (PSU) models to the award-winning Silencer Mk III Power Supply Series from PC Power & Cooling. With these new high-wattage options, the Silencer Mk III provides a professional-grade power solution rated for industrial usage and provides the performance and stability required for demanding computing environments.

"Building on our highly reputable Silencer Mk III core architecture, we are very pleased to deliver new high-wattage options that provide the ultimate in efficiency and stability while delivering ultra-quiet operation and a modular cable design for which this portfolio is highly regarded," said Bob Roark, Vice-President of Power Management for OCZ Technology. "With the addition of 750W and 850W models, the Silencer Mk III Power Supply Series once again defines the ultimate power management solution for today's professional and enthusiast users."

OCZ Technology Announces Wayne B. Eisenberg as Senior Vice President of Global Sales

OCZ Technology Group, Inc., a leading provider of high-performance solid-state drives (SSDs) for computing devices and systems, today announced the appointment of Wayne B. Eisenberg as Senior Vice President of Global Sales. Eisenberg joins OCZ with over 20 years in sales management and a proven track record for growing corporate revenue and successfully transforming global businesses.He spent 16 years at SMART Modular Technologies, a developer of memory and solid-state storage subsystems, where he held various sales management positions including 9 years as Vice President of Worldwide Sales and Marketing Communications.

"We are very excited that Wayne has joined our team as Senior Vice President of Global Sales and believe that his drive, integrity and knowledge of solid-state storage will provide immediate benefits to our Company," said Ralph Schmitt, CEO of OCZ Technology. "As our Company continues to evolve, having this level of executive talent and proven track record for success will help us achieve the sales goals that we seek during this next phase of OCZ's growth."

OCZ to Unveil PCIe-Based Vector SSD Series at CES 2013

OCZ Technology Group, Inc. (NASDAQ: OCZ), a leading provider of high-performance solid-state drives (SSDs) for computing devices and systems, today announced that it will demonstrate a pre-production version of its new flagship Vector SSD Series for PCI Express (PCIe) interfaces at the upcoming Consumer Electronics Show (CES) 2013, Venetian Hotel, Las Vegas, Nevada, from January 8th through 11th. In addition to showcasing the PCIe-based Vector Series, OCZ will also present its portfolio of enterprise and consumer SSDs, as well as enterprise software used to cache, virtualize or accelerate key applications and associated data.

Driven by its cutting-edge Indilinx Barefoot 3 controller, which has received worldwide accolades for industry-leading performance, enhanced reliability/endurance, and differentiated features, the PCIe-based Vector SSD Series has improved input/output operations per second (IOPS) burst performance and consistently delivers superior 'real-world' sustained performance regardless of whether the data streams are in compressed or uncompressed formats.

OCZ Receives Extension to Regain Compliance with NASDAQ Listing Requirements

OCZ Technology Group, Inc. (NASDAQ: OCZ), a leading provider of high-performance solid-state drives (SSDs) for computing devices and systems, today announced that the Nasdaq Stock Market ("Nasdaq") has accepted the Company's plan to regain compliance with Nasdaq Listing Rule 5250(c)(1) (the "Rule") which will permit the continued listing of the Company's stock on the Nasdaq Capital Markets.

On December 17, 2012, the Company submitted to Nasdaq a plan to regain compliance with the Rule. After reviewing the Company's plan to regain compliance, Nasdaq granted an exception to enable the Company to regain compliance with the Rule. Under the terms of the exception, on or before February 28, 2013, the Company must file its 10-Q for the period ended August 31, 2012 and all other delinquent periodic reports, as required by the Rule.

OCZ Technology Investigation Substantially Complete, Plans Restatement of Financials

OCZ Technology Group, Inc. (NASDAQ: OCZ), a leading provider of high-performance solid-state drives (SSDs) for computing devices and systems, today announced that the Audit Committee's investigation, assisted by third party legal and financial advisors, has been substantially completed and a preliminary report has been provided to the Audit Committee. While there continue to be various matters requiring further investigation, the Company believes they will be concluded shortly. The Audit Committee has approved this report and, in consultation with management, concluded that the Company should restate the results for the first quarter of fiscal 2013, as well as the results for certain quarters of fiscal 2012 and for the fiscal year 2012.

The restatements primarily relate to the timing of revenue recognition, the classification of certain customer incentive costs and for the level of reserves for product returns. The number of prior periods affected and the impact of the adjustments will be disclosed in more detail in the Company's restated financial statements, which will be provided as soon as practical. The Board and management are in discussions with Crowe Horwath LLP, the Company's independent auditors regarding the matters identified in the investigation.

OCZ Technology Announces Beta Program for New Linux-Based Caching Solution

OCZ Technology Group, Inc., a leading provider of high-performance solid-state drives (SSDs) for computing devices and systems, today announced that it has initiated a beta test program for its Linux Acceleration (LXL) Software development and invites its enterprise SSD customers to participate. The new OCZ LXL Software is a fast caching storage solution for OCZ's portfolio of enterprise SSDs and designed specifically for Linux-based physical and virtual environments.

OCZ's unique LXL Software provides a new integrated approach for making application-optimized data cache selections while minimizing I/O access times to SSD flash. It achieves this type of dynamic cache selection optimization by splitting the caching policy engine between the core mechanism running in the Linux kernel and an advanced statistical out-of-band analysis module that optimally determines which data needs to be placed in the cache and stores the data locally in OCZ enterprise-SSDs. The LXL software supports a wide range of OCZ enterprise solid state solutions across multiple interfaces (i.e. Z-Drive R4 PCIe Series, the Talos 2 SAS Series and the Deneva 2 SATA Series).

OCZ Technology Signs SED International to Distribute Consumer SSDs in Latin America

OCZ Technology Group, Inc., a leading provider of high-performance solid-state drives (SSDs) for computing devices and systems, today announced that SED International (Amex: SED), an established multinational distributor of leading computer technology products, is now authorized to distribute OCZ's complete line of consumer-based SSDs in Latin America and the Caribbean. This includes OCZ's popular SATA-based Vertex and Agility SSD Series, the PCIe-based RevoDrive SSD Series, and the recently announced Vector SSD Series featuring OCZ's new Barefoot 3 controller that delivers advanced I/O performance and enhanced endurance for personal computing environments.

The distribution agreement with OCZ represents SED International's first SSD brand for the Latin American region providing an alternative storage technology to hard disk drives (HDDs) given today's performance disparity between servers and HDDs. As data traffic continues to exponentially increase, the mechanical and physical limitations of HDDs result in system bottlenecks that compromise the end user experience necessitating the need for faster, more reliable storage solutions.

OCZ Launches Vector SSD Series and Proprietary Barefoot 3 Controller

OCZ Technology Group, Inc., a leading provider of high-performance solid-state drives (SSDs) for computing devices and systems, today announced the availability of its new SATA III-based Vector SSD Series featuring the company's next-generation Indilinx Barefoot 3 controller. OCZ's worldwide technology hardware and firmware teams developed the new controller silicon and firmware completely in-house to enable full design control over the Vector SSD Series roadmap, while delivering exceptional I/O performance, enhanced reliability and endurance, and a host of differentiated features to empower high performance laptops, desktops, and workstations with superior storage capabilities.

OCZ Vector SSDs provide exceptional input/output operations per second (IOPS) performance and the cutting-edge Barefoot 3 controller consistently delivers superior sustained performance over time regardless of whether the data streams are in compressed or uncompressed formats. As a result, this groundbreaking SSD series provides faster file transfers and boot-ups, and a quicker, more responsive storage experience.

OCZ Technology Receives Inquiry From SEC

OCZ Technology Group, Inc., a leading provider of high-performance solid-state drives (SSDs) for computing devices and systems, today announced that on November 15, 2012, OCZ Technology (the "Company") received a letter from the Securities and Exchange Commission ("SEC") indicating that they are conducting an investigation. As part of this notification, the Company also received a subpoena requesting certain documents and information generally related to its press releases on September 5, 2012 and October 10, 2012, and the financial reporting for customer incentive programs, among other matters.

Ralph Schmitt, president and chief executive officer, noted that, "Since we delayed the filing of our second quarter 10-Q, we had proactively contacted the Commission and have been expecting them to conduct an investigation. We intend to cooperate fully regarding this non-public, fact-finding inquiry and are also continuing with our own internal investigation as previously announced."

OCZ Technology Issues Status Update on Current Business Operation

OCZ Technology Group, Inc., a leading provider of high-performance solid-state drives (SSDs) for computing devices and systems, today issues this update to better inform its customers, investors, partners, and stakeholders about the status of its current business operation.

"We are undergoing a transition phase in the Company's evolution in which we are refocusing our efforts on products and strategies that will benefit both OCZ and our stakeholders over the long term," said Ralph Schmitt, CEO of OCZ Technology. "We have already taken aggressive steps to address some short-term tactical challenges and have begun streamlining the organization to help ensure that OCZ will be in the best position moving forward to address the fast growing consumer and enterprise SSD markets."
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