Stock Repurchase Program at Stec

STEC, Inc. announced that its Board of Directors has authorized the repurchase of up to $15 million of its common shares.

The company expects to complete these repurchases by the end of August 2011.

"Our management and Board of Directors believe in the long-term value of STEC, and have approved the repurchase of up to $15 million of the company’s common shares on the open market," said Manouch Moshayedi, STEC’s Chairman and CEO. "Today’s announcement reflects our confidence in STEC’s long-term strategy and demonstrates our commitment to delivering shareholder value."

Under the stock repurchase program, the company is authorized to repurchase up to $15 million of its issued and outstanding common shares from time to time in open-market and privately negotiated transactions and block trades, in accordance with federal securities laws, including Rule 10b-18 promulgated under the Securities Exchange Act of 1934, as amended.

There is no guarantee as to the exact number of shares, if any, that will be repurchased by the company. The share repurchase program may be modified, terminated or extended by the company at any time without prior notice.