SANTA ANA, Calif., Aug. 31, 2010 (GLOBE NEWSWIRE) -- STEC, Inc. (Nasdaq:STEC) announced today that Board member F. Michael Ball has established a pre-arranged trading plan in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, and STEC's policies regarding stock transactions by insiders. The plan provides for the potential sales of common stock through May 15, 2011, if pre-determined price thresholds and other conditions specified in the plan are met.
Mr. Ball has informed STEC that these stock sales are part of his personal long-term strategy for asset diversification and liquidity. The transactions under the trading plan will be disclosed publicly through Form 4 and, if applicable, Form 144 filings with the Securities and Exchange Commission.
Rule 10b5-1 permits corporate officers, directors and others to adopt written, pre-arranged trading plans when they are not in possession of material non-public information. Using these plans, insiders may gradually spread stock trades over a period of time to reduce market impact and regardless of any material, non-public information they may receive after adopting their plans.
About STEC, Inc. (Nasdaq:STEC)
STEC, Inc. is a leading global provider of Solid-State technologies and solutions tailored to meet the high-performance, high-reliability needs of original equipment manufacturers (OEMs). With headquarters in Santa Ana, California and locations worldwide, STEC leverages almost two decades of Solid-State Drive knowledge and experience to deliver the industry's most comprehensive line of Solid-State Drives to the storage industry. For more information, visit the company's web site at .
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Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This release contains forward-looking statements that involve risks and uncertainties, including, but not limited to, statements concerning the effect of sales under the stock trading plans on the market. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes and results to differ materially from current expectations. Although STEC believes that the forward looking statements contained in this release are reasonable, it can give no assurance that its expectations will be fulfilled. Important factors which could cause actual results to differ materially from those expressed or implied in the forward-looking statements are detailed under "Risk Factors" in filings with the Securities and Exchange Commission made from time to time by the company, including its Annual Report on Form 10-K, its quarterly reports on Form 10-Q, and its current reports on Form 8-K. The information contained in this press release is a statement of STEC's present intention, belief or expectation. STEC may change its intention, belief or expectation, at any time and without notice, based upon any changes in such factors, in STEC's assumptions or otherwise. STEC undertakes no obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events.
CONTACT: STEC, Inc. Investor and Financial Media Contact: Mitch Gellman, Vice President of Investor Relations (949) 260-8328 ir@stec-inc.com