latest news releases from the newsroom
Final Offers Lapsed
NEW YORK, Feb. 10, 2007 (PRIME NEWSWIRE) -- The Board of The Nasdaq Stock Market, Inc. ("NASDAQ") announces that its Final Offers for London Stock Exchange Group plc ("LSE") have lapsed.
The Pomerantz Firm Charges New Century Financial Corporation With Securities Fraud -- NEW
NEW YORK, Feb. 9, 2007 (PRIME NEWSWIRE) -- Pomerantz Haudek Block Grossman & Gross LLP (www.pomerantzlaw.com) ("Pomerantz") has filed a class action lawsuit in the United States District Court, Central District of California, against New Century Financial Corporation ("New Century" or the "Company") (NYSE:NEW) and certain officers, on behalf of purchasers of the common stock of the Company during the period from May 4, 2006 through February 7, 2007, inclusive (the "Class Period"). The complaint alleges violations of Section 10(b) and Section 20(a) of the Securities Exchange Act, and Rule 10b-5 promulgated there under.
STEC Names Broadcom Executive Vahid Manian to Its Board of Directors
SANTA ANA, Calif., Feb. 9, 2007 (PRIME NEWSWIRE) -- STEC, (pronounced "es tee ee see"), which is changing its name from SimpleTech, Inc. (Nasdaq:STEC), announced today that Vahid Manian, Senior Vice President, Global Manufacturing Operations, Broadcom Corporation, Irvine, CA (Nasdaq:BRCM), has been appointed as an independent director to the STEC Board effective February 9, 2007. Mr. Manian's appointment to the board fills the vacancy created by the resignation of Mike Moshayedi, former president and co-founder of STEC. Mr. Moshayedi tendered his resignation as a director effective February 9, 2007. STEC's board consists of seven directors, four of whom are independent under Nasdaq rules.
STEC Executes Value-Add Revenue Agreement With OEM Division DRAM Customer
SANTA ANA, Calif., Feb. 9, 2007 (PRIME NEWSWIRE) -- STEC, (pronounced "es tee ee see"), which is changing its name from SimpleTech, Inc. (Nasdaq:STEC), announced today that effective January 1, 2007, it has agreed to terms with one of its OEM Division DRAM customers on a value-add revenue agreement. Under the terms of the agreement STEC is no longer the primary obligor and the company's general inventory risk on DRAM chips used in the manufacture of memory modules for the customer has been eliminated. As a result, STEC will record related revenue on a value-add only basis, passing through the cost of the DRAM chips and charging the customer only for the manufacturing and kitting services provided by the company. This method of accounting for such value-add revenue, is commonly used by competitors doing business in the OEM DRAM module sector. This accounting method conforms to the Emerging Issues Task Force (EITF) Issue No. 99-19, Reporting Revenue as a Principal versus Net as an Agent.
SimpleTech Announces Plan to Adopt New Corporate Name 'STEC, Inc.'
SANTA ANA, Calif., Feb. 9, 2007 (PRIME NEWSWIRE) -- SimpleTech, Inc. (Nasdaq:STEC) announced today plans to changed its corporate name to "STEC, Inc." (pronounced "es tee ee see") following the company's divestiture of its Consumer Division. The SimpleTech name, known for its brand recognition in consumer markets, will carryover to the new owner of the Consumer Division. As part of the name change, STEC has released a new company logo and launched a new company website at www.stec-inc.com. Although the legal name of the company will continue to be SimpleTech, Inc. until the name change process has been completed, for marketing and branding purposes the company will now begin to refer to itself under the new corporate name.
SimpleTech Divests Its Consumer Division and Will Focus Solely On Continuing Growth of Its Highly-Profitable OEM Division
SANTA ANA, Calif., Feb. 9, 2007 (PRIME NEWSWIRE) -- SimpleTech, Inc., (Nasdaq:STEC) which is changing its name to STEC (pronounced "es-tee-ee-see") announced today that it has completed the sale of assets of its Consumer Division, including the name "SimpleTech," for approximately $43.0 million and the assumption of approximately $13.6 million in liabilities or approximately $10 million more than net working capital. The divestiture enables the company to focus its resources and management's attention on its core business, its rapidly growing and highly-profitable OEM Division. The OEM Division achieved gross profit margin of 35% in the third quarter of 2006 and year-over-year revenue growth of 64% compared to the third quarter of 2005. During the past two years, substantially all of the company's pro forma consolidated net income has been generated by the OEM Division. As such, the company believes that the impact of the divestiture will be earnings neutral. The company also announced today plans to change its corporate name to STEC, Inc. Although the legal name of the company will continue to be SimpleTech, Inc., until the name change process has been completed, for marketing and branding purposes the company will now begin to refer to itself under the new corporate name of STEC, Inc.
Pegasus Gaming Corp.
Pegasus Gaming Adds Live Gaming
PHOENIX, Feb. 9, 2007 (PRIME NEWSWIRE) -- Pegasus Gaming Corp. (Pink Sheets:PGGG) (http://www.PegasusGaming.com ), a European Facing Turn Key I-gaming platform solution and e-commerce services provider, is pleased to announce the company has begun exploring the possibility of deploying Live-Dealer video technology for its casino game suite.