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OCZ Technology Obtains $30 Million Credit Facility With Hercules Technology Growth Capital

OCZ Technology Obtains $30 Million Credit Facility With Hercules Technology 
Growth Capital 
SAN JOSE, CA  -- (Marketwire) -- 03/11/13 --  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 has entered into a $30 million loan and security
agreement ("loan agreement") with Hercules Technology Growth Capital,
Inc. ("Hercules"). This loan agreement consists of a $15 million term
loan and a $15 million revolving loan facility.  
"Obtaining this new credit facility is the first step in providing
OCZ with a complete capital structure going forward. This capital
will be used to strengthen the business, fund future growth, and
support emerging enterprise opportunities," said Ralph Schmitt, CEO
of OCZ Technology. "I am pleased with the operational improvements
our team is making as we continue building a profitable OCZ which is
focused on designing innovative, best-in-class Solid State Storage
solutions for our valued customers."  
The Company had reduced its use of the Wells Fargo Capital Finance
credit facility and had no debt outstanding on it as of February 28,
2013. That facility has been terminated as part of the closing of the
Hercules loan agreement. The first $10 million of the term loan was
drawn at closing with repayments due in thirty monthly installments
beginning in November 2013. The remaining $5 million of the term loan
is contingent upon the Company being current in its SEC filings and
achieving certain revenue levels for two consecutive quarters.
Pursuant to the loan agreement, the Company issued Hercules a warrant
to purchase 688,073 shares of OCZ Technology common stock at an
exercise price of $2.18 per share. In addition to the term loan, the
Company has access to a $10 million revolving loan facility which
shall be repaid in full in April 2016. An additional $5 million of
revolving loan facility will be available to the Company upon
achieving certain financing covenants. Further information with
respect to the loan agreement with Hercules will be contained in a
Current Report on Form 8-K to be filed by OCZ Technology with the
Securities and Exchange Commission. 
About Hercules Technology Growth Capital, Inc.
Hercules Technology Growth Capital, Inc. (NYSE: HTGC) ("Hercules") is
the leading specialty finance company focused on providing senior
secured loans to venture capital-backed companies in
technology-related markets, including technology, biotechnology, life
science and cleantech industries at all stages of development. Since
inception (December 2003), Hercules has committed more than $3.4
billion to over 220 companies and is the lender of choice for
entrepreneurs and venture capital firms seeking growth capital
financing. 
Hercules' common stock trades on the New York Stock Exchange (NYSE)
under the ticker symbol "HTGC."  
In addition, Hercules has two outstanding bond issuances of 7.00%
Senior Notes due 2019 -- the April 2019 Notes and September 2019
Notes -- which trade on the NYSE under the symbols "HTGZ" and "HTGY,"
respectively. Companies interested in learning more about financing
opportunities should contact info@htgc.com, or call 650.289.3060.  
About OCZ Technology Group, Inc. 
Founded in 2002, San Jose, CA-based OCZ Technology Group, Inc. (OCZ)
is a global leader in the design, manufacturing, and distribution of
high-performance solid-state storage solutions and premium computer
components. Offering a complete spectrum of solid-state drives
(SSDs), OCZ provides SSDs in a variety of form factors and interfaces
(i.e. PCIe, SAS and SATA) to address a wide range of client and
enterprise applications. Having developed firmware and controller
platforms, to virtualization and endurance extending technologies,
the company delivers vertically integrated solutions enabling
transformational approaches to how digital data is captured, stored,
accessed, analyzed and leveraged by customers. For more information,
please visit: www.ocztechnology.com. 
Forward Looking Statements
Certain statements in this release relate to future events and
expectations and as such constitute forward-looking statements
involving known and unknown factors that may cause actual results of
OCZ Technology Group, Inc. to be different from those expressed or
implied in the forward-looking statements. In this context, words
such as "will," "would," "expect," "anticipate," "should" or other
similar words and phrases often identify forward-looking statements
made on behalf of OCZ. It is important to note that actual results of
OCZ may differ materially from those described or implied in such
forward-looking statements based on a number of factors and
uncertainties, including, but not limited to, the risk that
additional information may arise from the oversight of the audit
committee; the risk that the process of preparing and auditing the
financial statements or other subsequent events would require OCZ to
make additional adjustments; the time and effort required to complete
the restatement of the financial reports; the ramifications of OCZ's
potential inability to timely file required reports; including
potential delisting of OCZ's common stock on NASDAQ; the risk of
litigation or governmental investigations or proceedings relating to
such matters; the risk that OCZ may not be able to successful
negotiate an amendment to its credit facility; market acceptance of
OCZ's products and OCZ's ability to continually develop enhanced
products; adverse changes both in the general macro-economic
environment as well as in the industries OCZ serves, including
computer manufacturing, traditional and online retailers, information
storage, internet search and content providers and computer system
integrators; OCZ's ability to efficiently manage material and
inventory, including integrated circuit chip costs and freight costs;
and OCZ's ability to generate cash from operations, secure external
funding for its operations and manage its liquidity needs. Other
general economic, business and financing conditions and factors are
described in more detail in "Item 1A -- Risk Factors" in Part I in
OCZ's Annual Report on Form 10-K filed with the SEC on May 14, 2012,
and statements made in other subsequent filings. The filing is
available both at www.sec.gov as well as via OCZ's website at
www.ocztechnology.com. OCZ does not undertake to update its
forward-looking statements. 
All trademarks or brand names referred to herein are the property of
their respective owners.  
OCZ Press Contact:
Scott Harlin
Director of Marketing Communications - Enterprise
(408) 440-3484
sharlin@ocztechnology.com 
OCZ Investor Relations Contact:
Bonnie Mott
Senior Manager of Investor Relations
(408) 440-3428
bmott@ocztechnology.com
 
 
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