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February 12, 2013
17:37 EDTSTECSTEC responds to nomination of dissident directors for 2013
STEC responded to the joint 13D/A filing notification made by Balch Hill LLC and Potomac Capital Management LLC announcing their slate of seven candidates to replace the entire STEC board of directors at the company's upcoming 2013 annual meeting of shareholders. "We are disappointed that despite the good faith efforts of our board of directors and management to engage in constructive dialogue with Balch Hill and Potomac Capital, they have chosen to discount our 2013 strategic plan to create shareholder value, and instead focus on what we believe is an unnecessary, disruptive and wasteful proxy contest to take control of STEC, all without paying a premium to shareholders," said Mark Moshayedi, STEC's president and CEO. "Management has already taken decisive action during the last few months to achieve cost reductions that are expected to yield savings of $8.8M annually. Moreover, we continue to implement aggressive measures to reposition the company from an OEM-focused business model to an approach that also derives significant sales from direct enterprise customers, which in our view will create meaningful additional value for STEC's shareholders...STEC's board and management team remain fully committed to creating value for all shareholders through the successful execution of the company's strategy." Reference Link
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