OCZ received approval by the United States Bankruptcy Court for the District of Delaware to sell substantially all of its assets to Toshiba, with the transaction to be expected to close within the next week. With this asset purchase, the OCZ SSD brand supporting a portfolio of enterprise and consumer drives continues in full force leveraged by Toshiba's financial strength and its portfolio of NAND flash memory.

"We are pleased by the court's approval as this business combination allows the company to continue to bring to market disruptive solid state storage technology. We are appreciative of all the support provided by our shareholders, creditors, and vendors which allowed this combination to occur," said Ralph Schmitt, CEO for OCZ Technology. "The OCZ team is excited to be a part of an innovative company like Toshiba where we can continue to develop new and unique SSD technologies that position the Company as a solid state solutions leader in both the client and enterprise storage markets."

OCZ is also in the process of going through a bidding procedure for the power management business and expects to close a transaction within the next few weeks.