OCZ Technology Group (Reg S) Announcements

RNS Number : 5838H OCZ Technology Group, Inc. 06 November 2008  
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NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE IN THE UNITED STATES, CANADA, THE REPUBLIC OF IRELAND, THE REPUBLIC OF SOUTH AFRICA, ISRAEL, JAPAN OR AUSTRALIA, OR THEIR RESPECTIVE TERRITORIES OR POSSESSIONS

6 November 2008

OCZ Technology Group, Inc.

Increase of loan facility and partial capitalisation of loan note 

OCZ   Technology   Group, Inc. ("OCZ" or "the Group", AIM: OCZ) a worldwide leader in innovative, ultra-high performance and high reliability memory, PC components and system builds, announces that it has agreed an increase in its existing loan facilities with Silicon Valley Bank from $10 million to $12 million. The Board is pleased to have achieved this increase in light of prevailing conditions in global credit markets. 

The Company also announces that Doug Dodson, the founder of PC Power & Cooling Inc. ("PC Power") which was acquired by OCZ in May 2007, has agreed to allow the Company to capitalise part of the remaining $500,000 nominal unsecured 6 per cent. promissory note ("Note" or "Notes") issued to PC Power by the Company as part of its May 2007 acquisition by OCZ.
    
The partial capitalisation is being satisfied by a cash payment of $100,000 from the 
Company to PC Power and by the issue of 848,000 new Common Shares to satisfy $200,000 of the principal and accrued interest under the Note. The new Common 
Shares have been issued at a notional price of 23.58 cents, or 14.0 pence, per share 
using a pre agreed exchange rate of $1.685/£1.

OCZ shall issue a new promissory note with respect to the remaining $200,000 (plus 
accrued interest) which will have a new maturity date of 25 August 2009, three months 
longer than the original note.

Application has been made for the 848,000 new Common Shares to be admitted to 
trading on AIM and dealings are expected to commence on 12 November 2008. Following admission of the new Common Shares, the Company will have 53,196,681 
Common Shares in issue.
 
Enquiries:

OCZ Technology Group, Inc
 

Ryan Petersen, Chief Executive Officer
+1 408 733 8400

Art Knapp, Chief Financial Officer
John East & Partners Limited
+44 20 7628 2200

Bidhi Bhoma
College Hill
Adrian Duffield
+44 20 7457 2020

Note to editors

OCZ develops, produces, and distributes high-performance computer components including flash memory storage, memory modules, thermal management solutions and computer power supplies, designed to make computers run faster, more reliably and more efficiently.

 With a reputation for innovation and excellence in a demanding and discerning market, OCZ extended its market leadership when it acquired PC Power & Cooling in May 2007, to become a global force in high-performance power supply and cooling products. In October 2007, it acquired high performance laptop and desktop computer systems maker Hypersonic PC to further diversify its product offerings. Recently the company released new products such as the Neural Impulse Actuator (NIA), Solid State Drives (SSD), DIY Notebook solutions, and Fatal1ty memory solutions. These products were shown at Games Convention 2008 in Leipzig Germany and at NVISION in San Jose, CA. Recently, OCZ was ranked number 21 in Deloitte's Technology Fast 50 Program for Silicon Valley Software and Information Technology Companies and was recognised for an increase in revenue of 1,241 per cent. from fiscal year 2003 to 2007.

Based in the heart of Silicon Valley, OCZ employs approximately 290 staff across offices in the USA (Sunnyvale and San Diego), Canada, Holland and its manufacturing and logistics centre in Taiwan.

www.ocztechnology.com

This information is provided by RNSThe company news service from the London Stock Exchange  END  MSCKQLBBVFBZFBX