OCZ Technology Provides Update on Restatement Process and NASDAQ Status

OCZ Technology Provides Update on Restatement Process and NASDAQ Status 
SAN JOSE, CA -- (Marketwired) -- 04/08/13 --  OCZ Technology Group,
Inc. (NASDAQ: OCZ), a leading provider of high-performance
solid-state drives (SSDs) for computing devices and systems, today
announced that 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.  
The Company has notified the NASDAQ Listing Qualifications Department
of this delay and expects to receive a delisting determination letter
from NASDAQ for failure to comply with NASDAQ Listing Rule
5250(c)(1). Upon receipt of the determination letter, the Company
intends to request a hearing before the NASDAQ Listing Qualifications
Panel (the "Panel"), at which the Company will present its plan to
evidence compliance with the NASDAQ Listing Rules, and formally
request that the Panel stay any delisting action pending the hearing.
In accordance with the Listing Rules, the Panel has the authority to
grant the Company an extension to regain compliance with the filing
requirement for a period not to exceed 360 days from the original due
date of the first delayed filing, or through October 7, 2013. The
Company expects to remain listed on NASDAQ during the appeal process
and ultimately satisfy all requirements for continued listing on
NASDAQ, although no assurances can be made that the Company will be
able to timely do so.  
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.ocz.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 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; 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.ocz.com. OCZ does not undertake to update its forward-looking
Investor Contact:
Bonnie Mott
Senior Manager of Investor Relations
Press Contact:
Scott Harlin
Director of Marketing Communications - Enterprise
(408) 733-8400
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