Subject: General Tech | November 27, 2013 - 12:04 PM | Jeremy Hellstrom
Tagged: sad, ocz, bankrupt
It has been a rough year for OCZ as they tried to overcome the problems that they inherited from once CEO Ryan Petersen. The news first broke in February when Wells Fargo announced that they would have OCZ delisted from the stock exchange as they had not submitted an acceptable profit statement since Q1 of 2012. That would have had a drastic effect on the ability of OCZ to do business and would have triggered a shareholder revolt. The new company head, Ralph Schmitt, managed to stave off the Feb 28th deadline with the help of Crowe Horwath LLP's auditors and received an extension on the SEC deadline. As long as OCZ could produce an accurate accounting of 2012 and Q1 of 2013 by April 8th they would not be delisted. Unfortunately the corrected bookkeeping revealed a serious problem with OCZ's sales model. The higher their raw revenues climbed during 2013 the more their net loss increased, with sales incentives, poor chip supplies and other costs contributed to a seemingly unsustainable business model.
Today the sad announcement of the coming demise of OCZ became official, at 9AM EST trading of OCZ stock was suspended as they announced their impending bankruptcy. The trading resumed just a short time ago, at 2:30PM and as you can see the news is bleak for shareholders.
The stock price declined by 67% since the beginning of the year until this announcement and is currently plummeting even more. According to Barrons and other sources, Toshiba has made an offer to purchase OCZ's assets, the "“material terms have been agreed to,” though there are a number of conditions that have to be satisfied, such as retention of employees." Until this deal is finalized we will not know the fate of OCZ and their product lines or warranty support and it could be quite some time before the specifics are agreed upon and announced to consumers. It is a sad day for enthusiasts who have enjoyed the great performance and low prices that OCZ's SSDs lines offered.
UPDATE : “With the recent news OCZ wants to reassure all our valued customers that the Company is honoring all product warranties. If any customers require support they are encouraged to contact our customer support and forum support teams who will be more than happy to assist.”
Subject: General Tech | October 15, 2012 - 11:54 AM | Jeremy Hellstrom
Tagged: amd, jobs, sad
If Friday's announcement of AMD's lowered financial expectations was not enough to depress you, The Inquirer has heard from three separate sources that AMD is looking to cut between 1000 to 3000 employees, representing 10% to 30% of its workforce. Rory Read's excising of the marketing department has not magically reversed the $500M in reported losses so far this year and so he will be attempting to treat the symptoms with a larger dose of the same cure. Being a publicly owned company who have seen their stock prices plummet by 14% last week so something had to be done, even if on the surface it looks to be bad for the company in the long term. The chances are good that the graphics department will be left mostly intact but the CPU team could be facing a lot of cuts which could slow or derail the development of the next generation of processors.
"Last week AMD revised its revenue forecasts down considerably due to weak demand and now multiple sources have said that the firm is preparing to lay off a significant percentage of its workforce. According to three sources that spoke to Allthingsd, AMD is preparing to cut anywhere between 10 percent and 30 percent of its 11,000 employees."
Here is some more Tech News from around the web:
- Controlling a robot with your mind @ Hack a Day
- Nvidia releases CUDA 5 to support Kepler GPGPU features @ The Inquirer
- UDIRC Microquad UFO @ Metku.net
- Amazon reportedly is eyeing up Texas Instruments' SoC business @ The Inquirer
- Nikon D700 FX 12.1MP Digital SLR Camera Review @ ModSynergy
- The Tech Report Podcast 121: APUs, GPUs, and SSDs
Subject: General Tech | August 9, 2012 - 10:12 AM | Jeremy Hellstrom
Tagged: hdd, toshiba, western digital, 3tb, Warranty, sad
As has been mentioned previously on PC Perspective the current trend of HDD manufacturers reducing the length of warranty is not being well received, though with only three manufacturers left consumers have little choice in the matter. At least with Western Digital, you are more likely to get a 3 to 5 year warranty than you are a single year. That negative feedback obviously hasn't fazed Toshiba, who are using the WD plants they purchased earlier this year to manufacture 1.5, 2 and 3TB HDDs, 3.5" in size and available in both 7200 and 5400RPM models and offering 1 year of warranty. In short, a factory which was previously capable of providing a 5 year warranty on spinning disks for your long term storage now offers a shorter warranty than the SSD manufacturers who are poised to replace them. The Inquirer offers more on this depressing topic here.
"Toshiba, the distant third vendor in the storage industry, was given the chance to buy part of Western Digital's hard drive business when it wanted to appease regulatory bodies to approve its purchase of Hitachi. With some of Western Digital's plants, Toshiba is now set to launch a range of 3.5in hard drives topping out at 3TB."
Here is some more Tech News from around the web:
- Kaspersky spots Zeus for BlackBerry @ The Register
- Kaspersky Lab warns of noxious ‘Gauss’ financial trojan @ The Inquirer
- Intel to try out wireless charging technology in ultrabooks and smartphones in 2H13 @ DigiTimes
- NASA's $2.5bn Curiosity rover: An Apple PowerBook on wheels @ The Register
- Buffalo Air Station AC1300 N900 802.11ac Wireless Router Review @ Legit Reviews
- How to Make Your Own Cat5e Network Cable @ Techgage
- NO!SE: The Game of Silence – win awesome prizes! @ Kitguru
- Win a Patriot Viper 3 Memory Kit @ Hi Tech Legion
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