COLORADO SPRINGS, Colo.--(BUSINESS WIRE)--Sept. 12, 2006--Simtek Corporation (OTC Bulletin Board: SRAM - News), the world's leading supplier of monolithic nonvolatile static random access memory (nvSRAM) integrated circuits today announced that its 1 Megabit nvSRAM devices have been incorporated by IBM Corporation (NYSE: IBM - News) for use in the company's System X servers and that IBM has placed significant production orders for these devices.
Unlike alternative technologies, Simtek's nvSRAMs, STK14CA8 and STK14C88-3, help system users leverage the full benefits of fast static RAMs, including enhanced performance and ease-of-use, coupled with the non-volatile features of FLASH memories.
"There is no other product on the market exactly like it," said Steven Hayes, Simtek's Vice President of Sales. "Our nvSRAM components are capable of providing IBM systems clients' infinite usage, without the need for batteries and without the long-term durability problems associated with other non-volatile memory solutions."
Traditional SRAMs and dynamic random access memory (DRAMs) lose their data when power is turned off or interrupted, but nvSRAMs maintain all necessary information for the RAID product's complete Array Management System and its associated configuration data and parity information so that it doesn't have to be re-created at re-start.
Simtek's flagship 1-megabit and legacy 256-kilobit nvSRAM products are fast becoming one the industry's most popular memory products. They continue to be the number one choice of RAID system manufacturers, and based on marketing research, Simtek's nvSRAM devices are included in more than 70 percent of all mid-range and smaller RAID server systems.
Because nvSRAMs operate at processor speeds, they enable RAID systems to maintain maximum performance as they constantly adjust their address vector tables while move data among the individual array members to optimize I/O balance, maximize I/O rates and assure redundancy. In addition, using the Simtek nvSRAM, can eliminate battery-backed SDRAM from RAID system solutions, creating small form factor motherboard solutions that consist primarily of the integrated RAID/disk controller and nvSRAM.
About Simtek Corporation
Simtek Corporation designs and markets high-speed, re-programmable, nonvolatile semiconductor memory products, for use in a variety of systems including RAID servers, high performance workstations, GPS navigational systems, robotics, copiers and printers, and networking and broadcast equipment. Information on Simtek products can be obtained from its web site: www.simtek.com; email: information*simtek.com. The company is headquartered in Colorado Springs, Colorado.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements predicting Simtek's future growth. These forward-looking statements are inherently difficult to predict and involve risks and uncertainties that could cause actual results to differ materially, including, but not limited to, projections of future performance including predictions of future profitability and expectations of the business environment in which Simtek operates. For a detailed discussion of these and other risk factors, please refer to Simtek's filings with the Securities and Exchange Commission (SEC), including its Annual Report on Form 10-K and subsequent Form 10-Q and Form 8-K filings.
COLORADO SPRINGS, Colo., Sep 06, 2006 (BUSINESS WIRE) --
Simtek Corporation (OTC Bulletin Board: SRAM), the world's leading supplier of nonvolatile static random access memory (nvSRAM) integrated circuits announced today that its Board of Directors approved the final ratio of 1 for 10 for the reverse split of shares of Simtek common stock. The Board of Directors also ratified the reincorporation of Simtek from the state of Colorado to the state of Delaware. The reverse stock split and reincorporation were approved by shareholders at the Company's annual meeting held on June 28, 2006.
Upon completion of the reverse stock split, approximately 14.8 million shares of common stock will be issued and outstanding. The reverse stock split affects all shares of common stock, stock options, warrants outstanding, and shares issuable upon conversion of the Company's convertible debentures as of immediately prior to the effective time of the reverse stock split. Fractional shares resulting from the reverse stock split will be rounded up to a full share. Simtek expects to complete both the reverse stock split and reincorporation by the end of September 2006, subject to regulatory approval. Shareholders will receive instructions, directly from the Company's transfer agent, Continental Stock Transfer & Trust Company, detailing how to exchange their stock certificates.
The Company also reaffirmed that it expects to be profitable on a pro-forma basis for the third quarter of the fiscal year. Pro-forma net income is GAAP net income minus certain non-cash items such as the amortization of the ZMD transaction and expensing of stock options. The Company also anticipates achieving profit for the fourth quarter on a GAAP basis. Gross margin continues to trend upward and is projected to improve by as much as 500 basis points from the second quarter of 2006 contributing significantly to the Company's profit.
Harold A. Blomquist, President and CEO stated, "Increasing shareholder value is our top priority at Simtek. As we announced earlier today, we have made significant strides in the turnaround of Simtek. In addition to improving the fundamentals, we believe that listing Simtek's common stock on a national exchange such as AMEX or NASDAQ Small Cap could increase the pool of potential investors who may have interest in Simtek, but who don't typically trade bulletin-board or penny stocks. We are evaluating the listing requirements for each exchange and intend to apply for a national listing as soon as possible after the reverse stock split and reincorporation are completed.
The Company is projecting positive EPS in the fourth quarter, but is still projecting a net loss for the full year 2006. Brian Alleman, Simtek CFO stated, "As a public company, earnings per share are critically important. A 1 for 10 reverse split will have the positive effect of increasing the Company's earnings per share by 10-fold, which could have the desired effect of enhancing Simtek's perceived value in the eyes of some investors. We are not guiding to an EPS number at this time, but are making excellent progress in returning to profitability."
About Simtek Corporation
Simtek Corporation designs and markets high-speed, re-programmable, nonvolatile semiconductor memory products, for use in a variety of systems including RAID servers, high performance workstations, GPS navigational systems, robotics, copiers and printers, and networking and broadcast equipment. Information on Simtek products can be obtained from its web site: www.simtek.com; email: information*simtek.com. The company is headquartered in Colorado Springs, Colorado.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements predicting Simtek's future growth. These forward-looking statements are inherently difficult to predict and involve risks and uncertainties that could cause actual results to differ materially, including, but not limited to, projections of future performance including predictions of future profitability and expectations of the business environment in which Simtek operates. For a detailed discussion of these and other risk factors, please refer to Simtek's filings with the Securities and Exchange Commission (SEC), including its Annual Report on Form 10-KSB and subsequent Form 10-Q and Form 8-K filings.
SOURCE: Simtek Corporation
IR for Simtek: Fusion IR & Communications Sheldon Lutch, 212-268-1816 sheldon*fusionir.com or Simtek Brian Alleman information*simtek.com Copyright Business Wire 2006
Posts: 199 | From: Tennessee | Registered: Apr 2006
| IP: Logged |
UBBFriend: Email this page to someone!
Printer-friendly view of this topic
