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Read-Rite's Largest Shareholder Invests an Additional
$18.9 Million
FREMONT, Calif., Nov. 17 /PRNewswire/ -- Read-Rite Corporation (Nasdaq: RDRT -
news) today announced that the State of Wisconsin Investment Board (``SWIB'') has invested an additional $18.9 million in
Read-Rite Corporation by purchasing 2.7 million shares of common stock at $7.00 per share.
John Nelson, Investment Director for SWIB stated, ``As a long-term shareholder of Read-Rite Corporation, we are
encouraged with the changes and the progress the company has made over the past several quarters and are impressed with
the technological direction they are taking for the future.'' The State of Wisconsin Investment Board manages over $70 billion
on behalf of 465,000 public employees and retirees.
``We are grateful for the continued support from the State of Wisconsin Investment Board. It is fantastic to have such a strong
strategic partner as we move forward with making Read-Rite Corporation the world's preferred supplier of technology and
products to the data storage and communication industries by exceeding customers' expectations in time to market, quality and
cost,'' said Alan S. Lowe, president and chief executive officer.
Read-Rite Corporation is one of the world's leading independent manufacturers of magnetic recording heads, head gimbal
assemblies (HGAs) and head stack assemblies (HSAs) for disk drives and tape drives. The company is headquartered in
Fremont, California and has operations in California, Thailand, the Philippines, Japan and Singapore. The company's website is
located at readrite.com .
Read-Rite is also the majority shareholder of Scion Photonics, Inc. which designs, develops, manufactures and sells both
custom and standard Dense Wavelength Division Multiplexers (DWDM) and other optical communication components to
address the rapidly growing worldwide fiber-optic network expansion. The company is well funded by the backing of
Read-Rite Corporation, Tyco Ventures and Integral Capital Partners. Scion's website is located at
scionphotonics.com.
This news release may contain statements which include forward-looking information within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended, and is subject to the ``safe
harbor'' created by those sections. The company's actual results for future periods could differ materially from those projected
in such forward-looking information. Factors that could cause actual results to differ include, but are not limited to, the factors
described in the company's reports filed with the Securities and Exchange Commission, including, but not limited to, its Annual
Report on Form 10-K for fiscal 1999 and Quarterly Reports on Form 10-Q for the first, second and third quarters of Fiscal
Year 2000 ended December 31, 1999, April 2, 2000 and July 2, 2000. Read-Rite undertakes no obligation to update
forward-looking statements to reflect events or circumstances occurring after the date of such statements.
SOURCE: Read-Rite Corporation |
