6/28/2002 - SimpleTech, Inc. (Nasdaq:STEC), a technology solutions provider offering products based on DRAM, SRAM and Flash memory technologies, will join the Russell 3000(R) Index when the broad-market index is reconstituted June 30, 2002, according to a preliminary list of additions issued June 7 by Frank Russell Company. Index membership will go into effect July 1, 2002 and will remain in place for one year.
"We are pleased to be recognized as part of the prestigious Russell 3000 Index," said Manouch Moshayedi, CEO and Chairman of SimpleTech. "Inclusion in the Russell 3000 will provide a credible vehicle to reach and introduce investors to SimpleTech."
Membership in Russell's 21 U.S. equity indexes is determined strictly by market capitalization rankings and style attributes rather than by subjective opinion or committee decisions. Russell indexes are widely used by managers for index funds and as benchmarks for both passive and active investment strategies. About $250 billion is invested in index funds based on Russell's indexes and an additional $850 billion is benchmarked to them. Investment managers who oversee these funds purchase shares of member stocks according to that company's weighting in the particular index.
Annual reconstitution of the Russell indexes captures the 3,000 largest U.S. stocks as of the end of May, ranking them by total market capitalization to create the Russell 3000. The largest 1,000 companies in the ranking comprise the Russell 1000(R) Index while the remaining 2,000 companies become the widely used Russell 2000(R) Index.
SimpleTech, Inc. is a technology solutions provider offering products based on DRAM, SRAM and flash memory technologies. Headquartered in Santa Ana, Calif., the company is a leader in the design, development, manufacturing and marketing of custom and standard memory solutions. For information, please contact the company's Investor Relations department or visit www.simpletech.com.
Frank Russell Company, a global leader in multi-manager investment services, provides investment products and services in more than 35 countries. Russell manages $70 billion in assets and advises clients worldwide representing US$1.8 trillion. Founded in 1936, Russell is a subsidiary of Northwestern Mutual and is headquartered in Tacoma, Wash., with additional offices in New York, Toronto, London, Paris, Singapore, Sydney, Auckland and Tokyo. For more information, go to www.russell.com.
This release may contain forward-looking statements that involve risks and uncertainties. Important factors which could cause actual results to differ materially from those expressed or implied in the forward-looking statements are detailed under "Risk Factors" in filings with the Securities and Exchange Commission made from time to time by SimpleTech, including its Annual Reports on Form 10-K, its quarterly reports on Form 10-Q, and its current reports on Form 8-K. Other factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements include the risks that the company may not be included in the one or more specified indexes; the company's financial projections, including revenue, gross margins, and earnings projections, may differ materially from forecasts; and the general health of global and the U.S. economies, including the semiconductor industry, is cyclical and unpredictable. SimpleTech undertakes no obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances occurring after the date hereof.
SimpleTech Inc., Santa Ana
Mitch Gellman (investor relations), 949/260-8328
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding SimpleTech's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.
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