24hoursnewsThursday, September 13th, 2007 at 3:38 pm in Silicon Storage Technology.
You have to forgive Silicon Storage Technology (ticker:SSTI) if it's feeling a bit down in the dumps lately. The Sunnyvale maker of flash storage products for consumer devices could use a friend right about now. It's struggling to sort out its potential backdated options problems, it's fighting delisting by Nasdaq because it hasn't filed financial statements in about a year, and its stock price has been hovering around $3 per share for the past few months.
On Thursday, SST got a big hug, but not necessarily the kind it wanted.
Los Angeles-based Riley Investment Partners filed a schedule 13-D indicating it now held about 6.1 percent of the company's stock after going on a stock buying binge starting in late July. At the end, the fund attached a love letter of sorts explaining its interests:
"RIM believes the shares of the Issuer to be significantly undervalued…In fact, when one backs out cash and investments, the market is valuing SST's NOR flash business, product pipeline and licensing revenue stream at only $60 million-which RIM believes to be an extremely low valuation by any measure."
We all would like to hear we're worth more than everyone thinks, right? But this love is not unconditional:
"RIM has communicated this view to the Issuer's management… RIM's desire, at this point in time, is to work assiduously and aggressively with the current management team on behalf of all shareholders."
And here's the catch:
"RIM's sincere hope is that management and the Board of Directors share its sense of urgency…If they do not, it will force RIM to take a more proactive approach, one which will include, among other things, the nomination of new directors…communicating with other stockholders, making proposals to the Issuer concerning the capitalization and operations of the Issuer."
more from Silicon Storage Technology,>>
SST (Silicon Storage Technology, Inc., NASDAQ: SSTI), a leader in flash memory technology, today announced a new addition to the company's popular SuperFlash-based FlashFlex family of 8-bit, 8051-compatible microcontrollers, the SST89V54RD-33-C-QIF. Leveraging the company's innovative packaging technology, the new SST89V54RD is available in a 6mm x 6mm WQFN package, making it the smallest 8051-based microcontroller currently on the market. The device's miniature size and low power consumption are ideal for small form factor mobile applications, such as notebook PCs, MP3 players and GPS systems, as well as home entertainment devices including HDMI products. Additionally, the SST89V54RD supports in-system programming (ISP) and in-application programming (IAP), which provide a variety of benefits to device manufacturers and consumers alike.
"As the sophistication of mobile devices increases, size reduction and low power consumption become even larger issues for product design teams," said Paul Lui, senior vice president of the Standard and Special Product Group at SST and president of SST China. "The new thin and powerful SST89V54RD was designed to help our customers meet the size, power and performance requirements of next-generation portable consumer electronic devices."
In addition to a tiny 6mm x 6mm footprint, the WQFN package offers an extremely low-profile nominal package height of only 0.7mm (maximum total thickness of 0.8mm), making the new SST89V54RD well suited for height-constrained mobile applications.
In-Field Re-Programmability Through IAP and ISP
Like all of SST's FlashFlex microcontrollers, the SST89V54RD supports both IAP and ISP, enabling the user to update the flash device in the field or in an application. Both IAP and ISP lower cost and improve time-to-market for manufacturers, while bringing enhanced user experiences and convenience to consumers. These re-programming features also have a significant role in enabling increased functionality, such as remote diagnostics and product monitoring, in network- or Internet-enabled devices.
Pricing and Availability
Samples of the SST89V54RD-33-C-QIF FlashFlex microcontroller are available now. Pricing starts at $1.20 in 10K unit quantities. For more information about this or other SST products, please contact an SST sales representative, or visit the company's Web site at http://www.sst.com.
About Silicon Storage Technology, Inc.
Headquartered in Sunnyvale, California, SST designs, manufactures and markets a diversified range of memory and non-memory products for high volume applications in the digital consumer, networking, wireless communications and Internet computing markets. Leveraging its proprietary, patented SuperFlash technology, SST is a leading provider of nonvolatile memory solutions with product families that include various densities of high functionality flash memory components and flash mass storage products. The Company also offers its SuperFlash technology for embedded applications through its broad network of world-class manufacturing partners and technology licensees, including TSMC, which offers it under its trademark Emb-FLASH. SST's non-memory products include NAND controller-based products, smart card ICs, flash microcontroller and radio frequency ICs and modules. Further information on SST can be found on the company's Web site at http://www.sst.com.
Except for the historical information contained herein, this news release contains forward-looking statements regarding flash memory and non-memory market conditions, SST's future financial performance, the performance of new products and SST's ability to bring new products to market that involve risks and uncertainties. These risks may include timely development, acceptance and pricing of new products, the terms and conditions associated with licensees' royalty payments, the impact of competitive products and pricing, and general economic conditions as they affect SST's customers, as well as other risks detailed from time to time in the SST's SEC reports, including the Annual Report on Form 10-K for the year ended December 31, 2005 and on Form 10-Q for the quarters ended March 31, June 30 and September 30, 2006.
For more information about SST and the company's comprehensive list of product offerings, please call 1-888/SST-CHIP. Information can also be requested via email to email@example.com or through SST's Web site at http://www.sst.com. SST's head office is located at 1171 Sonora Court, Sunnyvale, Calif.; telephone: 408/735-9110; fax: 408/735-9036.