OCZ Technology Group, Inc. (NASDAQ: OCZ), a leading provider of high-performance solid-state drives (SSDs) and power management solutions for computing devices and systems, today announces that it has reached a settlement in principle of federal shareholder derivative litigation filed in connection with the Company's previously announced financial restatement.

The settlement is subject to negotiation of final documentation. It is also subject to court approval. The settlement will be funded by the Company's D&O liability insurance and will not require any payments by the Company. This settlement does not resolve separate consolidated shareholder class actions pending in connection with the restatement.

OCZ Technology Group, Inc. (NASDAQ: OCZ), a leading provider of high-performance solid-state drives (SSDs) for computing devices and systems, today announced that on May 28, 2013 the Company received a determination from the NASDAQ Listing Qualifications Panel (the "Panel") indicating that the Panel had granted the Company's request to remain listed on The NASDAQ Stock Market, subject to the condition that the Company is current in the filing of its periodic reports with the Securities and Exchange Commission by September 16, 2013. The Company is required to promptly notify NASDAQ of significant events that occur during the exception period. The Panel reserves the right to reconsider the terms of the exception if it believes that the continued listing of the Company's common stock on The NASDAQ Stock Market is inadvisable or unwarranted.

The determination follows the Company's hearing before the Panel on May 16, 2013, at which the Panel considered the Company's plan to regain compliance with NASDAQ's filing requirement. The Company is working to timely satisfy the terms of the Panel's decision; however, there can be no assurance that it will be able to do so.
"We are delighted that NASDAQ has granted us this extension. As recognized by this extension, the Company has made substantial progress in becoming current with our filings and we look forward to completing this as soon as possible," said Ralph Schmitt, CEO of OCZ Technology Group.

OCZ Technology Group, Inc., a leading provider of high-performance solid-state drives (SSDs) for computing devices and systems, today announced the release of the Vertex 450 SATA III SSD Series featuring the company's proprietary Indilinx Barefoot 3 M10 Series controller. As part of the leading-edge Vertex series, Vertex 450 lives up to its name and bridges the gap between high performance and mainstream solid-state storage. With advanced storage performance, reliability, and quality, the Vertex 450 utilizes 20 nm process geometry NAND flash to meet the needs of today's high-end consumer and client applications.

"As one of the industry's most highly awarded SSD Series to date, the Vertex name has become synonymous with the latest and greatest in flash-based storage providing an exceptional balance of performance and cost efficiency," said Daryl Lang, Senior Vice President of Product Management for OCZ Technology. "The Vertex 450 marks the first time this popular OCZ series utilizes in-house ASIC technology delivering an even greater level of speed, reliability and value for our customers."

OCZ Technology Group, Inc. (NASDAQ: OCZ), a leading provider of high-performance solid-state drives (SSDs) for computing devices and systems, provides business update for the fourth quarter of 2013.

The Company is disclosing certain preliminary information about its fourth quarter of fiscal 2013 that ended on February 28, 2013, subject to certain closing procedures and further review by the Company and its auditors. As previously reported the Company estimated that revenue in each of the unreported quarters ending August 31, 2012 and November 30, 2012 is in the range of $65 million to $85 million. This range takes into effect the impact of the reclassification of certain customer costs from operating expenses to revenue, the significant reduction in channel inventory, the timing of revenue recognition and reserves for product returns. The preliminary revenue range for the unreported fourth quarter of fiscal 2013 is estimated to be between $65 million and $70 million.

OCZ Technology Group, Inc. (NASDAQ: OCZ), a leading provider of high-performance solid-state drives (SSDs) for computing devices and systems, today announced that as a result of the ongoing restatement process, the Company will not meet the previously disclosed April 8, 2013 NASDAQ extension date to become current in its periodic report filings with the Securities and Exchange Commission. The Company has made substantial progress on the restatement for the prior periods and expects to complete the restatement process and make its regulatory filings as soon as practicable.

The filing of the Company's Forms 10-Q for the periods ended August 31, 2012 and November 30, 2012 will be further delayed as the Company completes its process to restate its financial statements for the first quarter of fiscal 2013, as well as for fiscal year 2012 before those filings are made.

OCZ Technology Group, Inc. (NASDAQ: OCZ), a leading provider of high-performance solid-state drives (SSDs) for computing devices and systems, today announced the appointment of Rafael Torres as Chief Financial Officer (CFO) reporting directly to Ralph Schmitt, Chief Executive Officer (CEO) effective immediately. Torres, age 45, joins OCZ with over 15 years of experience as a senior leader in finance and over 10 years serving as CFO. Torres replaces Arthur Knapp, age 64, who is leaving the Company to begin his retirement.

"We are very excited that Rafael has joined our team as CFO and believe that his proven track record in all aspects of financial management will provide immediate benefits to our Company," said Ralph Schmitt, CEO for OCZ Technology. "We also would like to take this opportunity to thank Art Knapp for his nine years of service to OCZ as CFO and wish him the very best in his retirement. Art helped build OCZ to be a leading provider of solid-state storage and power management solutions, and will continue to assist us as we complete our restatement. He played a critical role in first identifying and then rectifying the problems surrounding our recent financial reporting."

OCZ Technology Group, Inc. (Nasdaq:OCZ), a leading provider of high-performance solid-state drives (SSDs) for computing devices and systems, today announced the general availability of the next release of its popular VXL Cache and Virtualization Software. VXL 1.3 has evolved its synchronous data mirroring capabilities and automatic server failover mechanisms to enable 'SAN-less,' highly available, fault tolerant environments based entirely on virtualized host flash. The ability to provide uninterrupted service for business-critical applications even during severe system failures is a requirement for IT managers of any sized data center, and ideally suited for virtualized database deployments, email servers, or cloud computing applications.

Another innovation in this new version of VXL allows IT managers to pre-load the cache with critical data at pre-determined schedules to ensure that important data is available on SSD flash at the precise time it is required by the application.

OCZ Technology Group, Inc. (NASDAQ: OCZ), a leading provider of high-performance solid-state drives (SSDs) for computing devices and systems, today announced that it will preview a variety of enterprise storage solutions at next week's CeBIT 2013 conference in Hannover, Germany. As a renowned global forum, CeBIT represents a great opportunity for attendees to be the first to see and experience the latest innovations in solid-state storage from an industry leader in enterprise SSDs, virtualization, and caching software. OCZ offers a complete suite of storage solutions that address VMware, Linux, and SQL Server platforms, and invites IT decision-makers who are evaluating or implementing solid-state storage in the data center to visit the Company's exhibit in Hall 2, Stand E43, from March 5th through 9th.

OCZ will unveil the next-generation ZD-XL SQL Accelerator, a culmination of enterprise hardware and software converging as one tightly integrated and optimized solution. The ZD-XL Accelerator addresses SQL Server database applications to not only ensure that the data for this implementation is right, relevant, and readily available on SSD flash when the SQL Server needs it, but also that the data is accessed with the highest possible I/O performance. For simple deployment and ease of use, this tightly integrated, optimized solution features 'implementation wizards' to guide DBAs so they can optimally manage data cached to the flash. While showcasing the ZD-XL solution OCZ will invite enterprise customers to become beta testers for this exciting solution.

OCZ Technology Group, Inc., a leading provider of high-performance solid-state drives (SSDs) for computing devices and systems, today announced a new 20 nanometer (nm) NAND flash version of its award-winning Vertex 3 SSD Series. The new Vertex 3.20 SSD is a 2.5-inch, 6 Gbps SATA III-based Multi-Level Cell (MLC) drive that implements the feature-set of the Vertex 3 Series but is built around smaller, state-of-the-art NAND flash process geometry.

Being that the Vertex 3 Series is one of OCZ's most popular SSDs to date, and has received numerous accolades from media reviewers globally, the implementation of 20 nm NAND flash will extend its availability and enable mainstream users of mobile and desktop platforms to improve gaming, multimedia, and the overall computing experience over traditional hard disk drives (HDDs) and other competing SSDs. The Vertex 3.20 SSD will be available in 120 GB and 240 GB storage capacities, with 480 GB capacities to follow soon.

OCZ Technology Group, Inc. (NASDAQ: OCZ), a leading provider of high-performance solid-state drives (SSDs) for computing devices and systems, today announced additional estimated financial information in an effort to further communicate with key constituents of the Company.

The following preliminary estimates are subject to further review by the Company and its auditors. The Company estimates that its quarterly revenue will range between $65 million to $85 million in each quarter for the second and third fiscal quarters of 2013. This range takes into effect the impacts of the reclassification of certain customer costs from operating expenses to revenue, the significant reduction of channel inventory, the timing of revenue recognition, and the levels of reserves for product returns.

OCZ Technology Group, Inc., a leading provider of high-performance solid-state drives (SSDs) for computing devices and systems, today announced the appointment of Wayne B. Eisenberg as Senior Vice President of Global Sales. Eisenberg joins OCZ with over 20 years in sales management and a proven track record for growing corporate revenue and successfully transforming global businesses.He spent 16 years at SMART Modular Technologies, a developer of memory and solid-state storage subsystems, where he held various sales management positions including 9 years as Vice President of Worldwide Sales and Marketing Communications.

"We are very excited that Wayne has joined our team as Senior Vice President of Global Sales and believe that his drive, integrity and knowledge of solid-state storage will provide immediate benefits to our Company," said Ralph Schmitt, CEO of OCZ Technology. "As our Company continues to evolve, having this level of executive talent and proven track record for success will help us achieve the sales goals that we seek during this next phase of OCZ's growth."

OCZ Technology Group, Inc. (NASDAQ: OCZ), a leading provider of high-performance solid-state drives (SSDs) for computing devices and systems, today announced that it will demonstrate a pre-production version of its new flagship Vector SSD Series for PCI Express (PCIe) interfaces at the upcoming Consumer Electronics Show (CES) 2013, Venetian Hotel, Las Vegas, Nevada, from January 8th through 11th. In addition to showcasing the PCIe-based Vector Series, OCZ will also present its portfolio of enterprise and consumer SSDs, as well as enterprise software used to cache, virtualize or accelerate key applications and associated data.

Driven by its cutting-edge Indilinx Barefoot 3 controller, which has received worldwide accolades for industry-leading performance, enhanced reliability/endurance, and differentiated features, the PCIe-based Vector SSD Series has improved input/output operations per second (IOPS) burst performance and consistently delivers superior 'real-world' sustained performance regardless of whether the data streams are in compressed or uncompressed formats.

OCZ Technology Group, Inc. (NASDAQ: OCZ), a leading provider of high-performance solid-state drives (SSDs) for computing devices and systems, today announced that the Nasdaq Stock Market ("Nasdaq") has accepted the Company's plan to regain compliance with Nasdaq Listing Rule 5250(c)(1) (the "Rule") which will permit the continued listing of the Company's stock on the Nasdaq Capital Markets.

On December 17, 2012, the Company submitted to Nasdaq a plan to regain compliance with the Rule. After reviewing the Company's plan to regain compliance, Nasdaq granted an exception to enable the Company to regain compliance with the Rule. Under the terms of the exception, on or before February 28, 2013, the Company must file its 10-Q for the period ended August 31, 2012 and all other delinquent periodic reports, as required by the Rule.

OCZ Technology Group, Inc. (NASDAQ: OCZ), a leading provider of high-performance solid-state drives (SSDs) for computing devices and systems, today announced that the Audit Committee's investigation, assisted by third party legal and financial advisors, has been substantially completed and a preliminary report has been provided to the Audit Committee. While there continue to be various matters requiring further investigation, the Company believes they will be concluded shortly. The Audit Committee has approved this report and, in consultation with management, concluded that the Company should restate the results for the first quarter of fiscal 2013, as well as the results for certain quarters of fiscal 2012 and for the fiscal year 2012.

The restatements primarily relate to the timing of revenue recognition, the classification of certain customer incentive costs and for the level of reserves for product returns. The number of prior periods affected and the impact of the adjustments will be disclosed in more detail in the Company's restated financial statements, which will be provided as soon as practical. The Board and management are in discussions with Crowe Horwath LLP, the Company's independent auditors regarding the matters identified in the investigation.

OCZ Technology Group, Inc., a leading provider of high-performance solid-state drives (SSDs) for computing devices and systems, today announced that it has initiated a beta test program for its Linux Acceleration (LXL) Software development and invites its enterprise SSD customers to participate. The new OCZ LXL Software is a fast caching storage solution for OCZ's portfolio of enterprise SSDs and designed specifically for Linux-based physical and virtual environments.

OCZ's unique LXL Software provides a new integrated approach for making application-optimized data cache selections while minimizing I/O access times to SSD flash. It achieves this type of dynamic cache selection optimization by splitting the caching policy engine between the core mechanism running in the Linux kernel and an advanced statistical out-of-band analysis module that optimally determines which data needs to be placed in the cache and stores the data locally in OCZ enterprise-SSDs. The LXL software supports a wide range of OCZ enterprise solid state solutions across multiple interfaces (i.e. Z-Drive R4 PCIe Series, the Talos 2 SAS Series and the Deneva 2 SATA Series).

OCZ Technology Group, Inc., a leading provider of high-performance solid-state drives (SSDs) for computing devices and systems, today announced that SED International (Amex: SED), an established multinational distributor of leading computer technology products, is now authorized to distribute OCZ's complete line of consumer-based SSDs in Latin America and the Caribbean. This includes OCZ's popular SATA-based Vertex and Agility SSD Series, the PCIe-based RevoDrive SSD Series, and the recently announced Vector SSD Series featuring OCZ's new Barefoot 3 controller that delivers advanced I/O performance and enhanced endurance for personal computing environments.

The distribution agreement with OCZ represents SED International's first SSD brand for the Latin American region providing an alternative storage technology to hard disk drives (HDDs) given today's performance disparity between servers and HDDs. As data traffic continues to exponentially increase, the mechanical and physical limitations of HDDs result in system bottlenecks that compromise the end user experience necessitating the need for faster, more reliable storage solutions.

OCZ Technology Group, Inc., a leading provider of high-performance solid-state drives (SSDs) for computing devices and systems, today announced the availability of its new SATA III-based Vector SSD Series featuring the company's next-generation Indilinx Barefoot 3 controller. OCZ's worldwide technology hardware and firmware teams developed the new controller silicon and firmware completely in-house to enable full design control over the Vector SSD Series roadmap, while delivering exceptional I/O performance, enhanced reliability and endurance, and a host of differentiated features to empower high performance laptops, desktops, and workstations with superior storage capabilities.

OCZ Vector SSDs provide exceptional input/output operations per second (IOPS) performance and the cutting-edge Barefoot 3 controller consistently delivers superior sustained performance over time regardless of whether the data streams are in compressed or uncompressed formats. As a result, this groundbreaking SSD series provides faster file transfers and boot-ups, and a quicker, more responsive storage experience.

OCZ Technology Group, Inc., a leading provider of high-performance solid-state drives (SSDs) for computing devices and systems, today announced that on November 15, 2012, OCZ Technology (the "Company") received a letter from the Securities and Exchange Commission ("SEC") indicating that they are conducting an investigation. As part of this notification, the Company also received a subpoena requesting certain documents and information generally related to its press releases on September 5, 2012 and October 10, 2012, and the financial reporting for customer incentive programs, among other matters.

Ralph Schmitt, president and chief executive officer, noted that, "Since we delayed the filing of our second quarter 10-Q, we had proactively contacted the Commission and have been expecting them to conduct an investigation. We intend to cooperate fully regarding this non-public, fact-finding inquiry and are also continuing with our own internal investigation as previously announced."

OCZ Technology Group, Inc., a leading provider of high-performance solid-state drives (SSDs) for computing devices and systems, today issues this update to better inform its customers, investors, partners, and stakeholders about the status of its current business operation.

"We are undergoing a transition phase in the Company's evolution in which we are refocusing our efforts on products and strategies that will benefit both OCZ and our stakeholders over the long term," said Ralph Schmitt, CEO of OCZ Technology. "We have already taken aggressive steps to address some short-term tactical challenges and have begun streamlining the organization to help ensure that OCZ will be in the best position moving forward to address the fast growing consumer and enterprise SSD markets."

OCZ Technology Group, Inc., a leading provider of high-performance solid-state drives (SSDs) for computing devices and systems, today announced the general availability of the next release of its popular VXL cache and virtualization software (Version 1.2), enabling host-based distributed flash volumes with advanced services that include High Availability (HA) and Fault Tolerance (FT).

This release of VXL software delivers 'the next frontier' of flash virtualization by providing a comprehensive solution that features enterprise caching, support for virtualized services and distributed flash volumes that dynamically share its SSD resources amongst any virtual machine (VM) that resides on the local server or on other servers in the virtualized environment.

OCZ Technology Group, Inc., a leading provider of high-performance solid-state drives (SSDs) for computing devices and systems, will display its enterprise storage solutions at the Gartner Symposium/ITXpo, Booth #1044, Walt Disney World Dolphin Resort, Lake Buena Vista, Florida, from October 21st through October 25th. The Gartner Symposium/ITXpo is an annual gathering of CIOs and senior IT executives seeking the latest tools, technologies, and information to improve IT capabilities and data center effectiveness.

For SAN acceleration of I/O intensive workloads, OCZ will present its leading Z-Drive R4 PCIe SSDs supporting both full-height (FH) and half-height (HH) configurations, enabling the CPU with direct access (zero-latency storage) and instant boot capabilities. The FH (3/4 length) RM88 model enables an industry best 2.8GB/s of sequential throughput, 410K of random IOPS performance, and usable MLC NAND flash capacities from 800GB to 3.2TB. The HH (half-length) RM84 model is also a performance leader enabling 2GB/s of sequential throughput, 250K of random IOPS performance and usable capacities from 300GB to 1.2TB.

OCZ Technology Group, Inc. (NASDAQ: OCZ), a leading provider of high-performance solid-state drives (SSDs) for computing devices and systems, today announced that because of the delayed filing with the SEC of the Form 10-Q for the period ending August 31, 2012 (the "Form 10-Q"), the Company received a letter from The Nasdaq OMX Group ("Nasdaq") indicating that the Company is not in compliance with the filing requirements for continued listing under Nasdaq Listing Rule 5250(c).

The Nasdaq letter notes that the Company is required to submit a plan to regain compliance with Nasdaq's filing requirements for continued listing within 60 calendar days of the date of the Nasdaq notification letter. Upon acceptance of the Company's compliance plan, Nasdaq is permitted to grant an extension of up to 180 days from the Form 10-Q's filing due date, or until April 8, 2013, for the Company to regain compliance with Nasdaq's filing requirements for continued listing.

OCZ Technology Group, Inc. (NASDAQ: OCZ), a leading provider of high-performance solid-state drives (SSDs) for computing devices and systems, today announced that it was unable to file its Form 10-Q for the second quarter of fiscal year 2013 (Q2'13), which ended on August 31, 2012, on time as the Company's financial statements are still under review.

The Company continues to work diligently to complete the financial review. While we are hopeful that the review will be completed in the near future, we cannot currently estimate the exact date. Thus we are also unable to estimate the filing date of the Form 10-Q.

Block & Leviton LLP, a Boston -based law firm representing investors nationwide, is investigating possible securities law violations involving OCZ Technology Group, Inc. ("OCZ" or the "Company") (NASDAQ: OCZ).

The investigation is related to allegations that certain statements issued by the Company between July 10, 2012 and October 10, 2012 concerning OCZ's financial performance were knowingly false and misleading when made. On Wednesday, October 10, 2012, the Company issued a press release announcing that it was delaying the filing of its financial results for the second quarter of fiscal year 2013, which ended August 31, 2012. The press release also disclosed that the Company's second quarter revenue will be "materially lower" than its previous guidance released on September 5, 2012, which was in the range of $110 to $120 million, "principally due to the impact of customer incentive programs," and that the Company expects to report a "significant net loss." Shortly after the release of this news, shares of OCZ dropped nearly 42 percent from a close of $3.15 on October 9, 2012 to close at $1.88 per share on October 10, 2012.

OCZ Technology Group, Inc., a leading provider of high-performance solid-state drives (SSDs) for computing devices and systems, today announced that it will file a Form 12b-25, Notification of Late Filing, with the Securities and Exchange Commission that allows the Company to extend the deadline to file its Form 10-Q for the second quarter of fiscal year 2013 (Q2'13), which ended on August 31, 2012. With this extension, if the Form 10-Q is filed by October 15, 2012, the Form 10-Q will be deemed to be timely filed.

The Company's financial statements are still under review. The Q2'13 revenue will be materially lower than the September 5th preliminary revenue range of $110 to $120 million. This new revenue estimate and filing delay is principally due to the impact of customer incentive programs which were discovered subsequent to the preliminary announcement during the normal close process, and which the Company will be reporting as a material weakness in its Form 10-Q. The Company also expects to report negative gross margins and a significant net loss for Q2'13 and will hold a conference call today at 7:00am Pacific Time (10:00am Eastern Time).