SimpleTech to Offer 14,000,000 Shares of Common Stock

10/3/2003 - SimpleTech, Inc. (Nasdaq: STEC), a designer, manufacturer and marketer of custom and open- standard memory solutions based on Flash and DRAM memory technologies, announced that it has filed a registration statement with the Securities and Exchange Commission for a proposed public offering by the Company of 14,000,000 shares of common stock, of which 10,000,000 shares will be offered by the Company and 4,000,000 shares will be offered by certain selling shareholders. The Company and the selling shareholders have also granted the underwriters an option to purchase an additional 2,100,000 shares of common stock to cover over-allotments. Lehman Brothers will serve as the sole book- running manager for the offering, together with Needham & Company, Thomas Weisel Partners and The Seidler Companies serving as co-managers.

A copy of the prospectus relating to these securities may be obtained, when available, from the offices of Lehman Brothers, c/o ADP Financial Services, Integrated Distribution Services, 1155 Long Island Avenue, Edgewood, NY 11717, phone: 631-254-7106, fax: 631-254-7268, email:

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sales of these securities in any state in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

SimpleTech designs, manufactures and markets custom and open-standard memory solutions based on Flash and DRAM memory technologies. Headquartered in Santa Ana, California, the Company offers a comprehensive line of over 2,500 products and specializes in developing high-density memory modules, memory cards and storage drives.

"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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