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 literature@sst.com 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
SOURCE Silicon Storage Technology, Inc.
Leslie Green of Green Communications Consulting, LLC, +1-650-312-9060, for
Silicon Storage Technology, Inc.
