SANTA CLARA, Calif.--(Business Wire)--
GSI Technology, Inc. (Nasdaq: GSIT), a leading provider of high performance
static random access memory, or SRAM, products incorporated primarily in
networking and telecommunications equipment, has acquired a 44,277 sq. foot
(4,113 sq. meter) office building and associated grounds at 1213 Elko Drive, in
Sunnyvale, California. GSI intends to use the property as a new corporate
headquarters. The facility will also house U.S. development and production
operations.
"This purchase is the second major investment GSI has made this year," said
Lee-Lean Shu, President and CEO of GSI Technology. "Our continuing strong
performance through this year's downturn has allowed us to invest in our future
at very favorable terms. We are stronger than ever and ready to take full
advantage of the growth opportunities that present themselves as the economy
recovers." In August, GSI announced that it had acquired substantially all of
the assets related to Sony`s SRAM product line.
The work to prepare the building for occupancy is already under way and the
Company anticipates moving into the new facility in the first half of 2010. When
occupied, the facility will contain offices, labs, engineering and production
test floors, warehouse space and will still have room left for substantial
future growth.
About GSI Technology
Founded in 1995, GSI Technology, Inc. is a leading provider of high performance
static random access memory, or SRAM, products incorporated primarily in
networking and telecommunications equipment. Headquartered in Santa Clara,
California, GSI Technology is ISO 9001 certified and has worldwide factory and
sales locations. For more information, please visit www.gsitechnology.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of
Section 21E of the Securities Exchange Act of 1934, as amended. All
forward-looking statements included in this press release are based upon
information available to GSI Technology as of the date hereof, and GSI
Technology assumes no obligation to update any such forward-looking statements.
Forward-looking statements involve a variety of risks and uncertainties, which
could cause actual results to differ materially from those projected. These
risks include those associated with potential difficulties that may be
encountered in integrating the acquired product line and realizing the potential
benefits of the acquisition; potential volatility in future earnings as a result
of purchase accounting adjustments; fluctuations in GSI Technology`s operating
results; GSI Technology`s historical dependence on sales to a limited number of
customers and fluctuations in the mix of customers and products in any period;
the rapidly evolving markets for GSI Technology`s products and uncertainty
regarding the development of these markets; the need to develop and introduce
new products to offset the historical decline in the average unit selling price
of GSI Technology`s products; the cyclical nature of the semiconductor industry
and the SRAM market and related challenges of rapid growth followed by periods
of contraction; and intensive competition. Further information regarding these
and other risks relating to GSI Technology`s business is contained in the
company`s filings with the Securities and Exchange Commission, including those
factors discussed under the caption "Risk Factors" in such filings.
GSI Technology, Inc.
Douglas M. Schirle
Chief Financial Officer
408-980-8388
or
Silverman Heller Associates
Philip Bourdillon/Gene Heller
310-208-2550
Copyright Business Wire 2009
