SANTA ANA, Calif., March 14, 2013 (GLOBE NEWSWIRE) -- STEC, Inc. (Nasdaq:STEC), a leading global provider of solid-state storage solutions, today confirmed that settlement discussions to avert a proxy contest with Balch Hill and Potomac Capital have broken down, as noted in an open letter they sent to STEC shareholders.
"STEC has gone to great lengths to offer a reasonable compromise to the two parties, which would have included giving them a meaningful presence on our Board allowing a constructive and collaborative path forward," said Kevin C. Daly, Ph.D., chairman of STEC's Board of Directors. "We are disappointed that the dissidents have decided to pursue this wasteful course of action. The Board and management team remain fully committed to creating value for all shareholders, and that remains our focus."
The date for the 2013 Annual Meeting has not yet been announced.About STEC, Inc. STEC, Inc. is a leading provider of enterprise-class, solid-state storage solutions designed for the ever-growing performance, reliability and endurance requirements of today's advanced data centers. The industry's first company to deploy solid-state drives (SSDs) into large-scale enterprise environments, STEC offers the industry's widest range of solid-state storage solutions, which protect critical information for major business and government organizations worldwide. Headquartered in Santa Ana, California, STEC also serves the embedded and military/aerospace markets with SSDs for industrial and rugged environments. For more information, visit www.stec-inc.com . For information about STEC and to subscribe to STEC's "Email Alerts" service, please visit STEC's web site at www.stec-inc.com , click on the blue "Investors" tab at the top of the home page and then click "Email Alerts." The STEC, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=1079 STEC and the STEC logo are either registered trademarks or trademarks of STEC, Inc. in the United States and certain other countries. All other trademarks or brand names referred to herein are the property of their respective owners.