SYQT
is my newest penny acquisition
entered at 1 19/32, after following for about a month
couple months hold, target 2.75
chart:
207.95.154.130
June 5, 1998. FREMONT, Calif.--(BUSINESS WIRE) via NewsEdge Corporation --
In a statement issued today, SyQuest Technology Chairman, Ed Marinaro said that he believes the uncertainty about the market category, rather than changes in corporate fundamentals, has caused share prices to drop over the past week.
Despite this decline, Marinaro reaffirmed that the company's rnaround strategy remains on target and geared to its high capacity SparQ 1.0 GB and SyJet 1.5 GB removable cartridge hard drives.
"To address investors' concerns about SyQuest, let me emphasize that our business strategy is sound and our technology leadership unbeatable, as witnessed by our ongoing industry product awards and accolades. Our internal operational reviews indicate that we are achieving tangible improvements in our product costs and meeting
or exceeding our targeted manufacturing yields.
"As recently announced, our four-fold increase of retail distribution outlets has resulted in strong product sell-through. SyQuest has recently signed an OEM agreement and shipped product to one of the top three personal computer manufacturers."
Marinaro views that the rapid emergence of the sub-$1,000 personal computer will provide a market opportunity for select peripheral manufacturers. " With the price of some new PCs now as low as $700, the average buyer will realize the limited storage capacity of their sub-$1000 PC and the market for products such as the SparQ drive should expand considerably."
To meet this anticipated demand, SyQuest is increasing production capacity to produce 500,000 drives in the quarter ending Dec. 98. Marinaro believes that SyQuests unique position of offering high performance, low-cost, gigabyte capacity storage solutions will
ultimately bring value to SyQuest stockholders. |
