Releases

posted on 14 February 2008 12:02

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FREMONT, CA – February 13, 2008—SMART Modular Technologies (WWH), Inc. (SMART or the Company) (NASDAQ: SMOD), a leading independent manufacturer of memory modules, embedded computing subsystems, and TFT-LCD display products, today announced that it signed a definitive agreement to acquire privately-held Adtron Corporation, based in Phoenix, AZ, a leading designer and global supplier of high performance and high capacity solid state flash disk drives.

Under the terms of the agreement, which has been approved by the boards of directors of both companies, this all cash transaction is valued at approximately $20 million with up to an additional $15 million should certain calendar year 2008 financial and operational performance goals be achieved. The acquisition is expected to close on or about February 15, 2008.

“SMART has long discussed our goal to expand our non-DRAM business, and this transaction is a next logical step in building for future growth,” said Iain MacKenzie, President and Chief Executive Officer of SMART. “The addition of Adtron’s technical expertise, product family, and customer base to SMART will complement SMART’s existing SSD business and provide a path to a more robust set of solutions to address the fast-growing SSD market. Taking into account Adtron’s products and technologies, our aggregate SSD TAM expands to $3 billion. Adtron will now have the ability to leverage SMART’s size, scale and customer base to grow more aggressively. Together, we will meet a wider set of customer needs and have a significantly greater opportunity to grow into new markets such as the Enterprise Storage SSD market.”