STec Highlights Significant Progress On Implementation Of Growth Strategy In Letter To Shareholders
SANTA ANA, Calif., June 10, 2013 (GLOBE NEWSWIRE) -- sTec, Inc. (NASDAQ: sTec) a leading global provider of solid-state storage solutions, today began mailing its definitive proxy statement for the company's Annual Meeting of Shareholders scheduled for July 12, 2013. In addition, Kevin C. Daly, Ph.D., Chairman of sTec's Board of Directors, sent a letter to all shareholders highlighting the progress that has been made in executing the company's growth strategy, which is designed to generate more than $200 million in revenue in 2014.
"I am proud of the progress we have made thus far and appreciate the dedication and hard work of our employees and management team that has made it possible," said Dr. Daly. "We fully anticipate that the next few years will be critical for sTec as we move to reposition the company in a rapidly evolving industry and expand our footprint, both geographically and within our target customer base. We believe the Board's nominees are best equipped to position sTec to emerge as a much stronger company with a more robust set of product offerings for those customers."
Text of letter from Dr. Daly to sTec shareholders:June 10, 2013 Dear Fellow sTec Shareholders, As many of you know, we at sTec have undertaken a multi-faceted approach to better compete, as well as to grow and strengthen key aspects of our company. In support of this, your company has made significant progress in executing sTec's recently announced rebranding and repositioning strategy designed to better align sTec with the changing dynamics of our industry. Critical to this change has been the broadening of our channels to market by adding direct enterprise sales and marketing to our existing OEM business. We are doing this not only to provide sTec with a healthy balance of channels to market, but because significant aspects of the storage industry's growth are occurring outside of the traditional OEM channels.
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