Riley Investment continues to monitor Silicon Storage, will look at late financial filings

By Lisa Kerner

Charlotte, N.C., Jan. 11 - Silicon Storage Technology, Inc. investors led by Riley Investment Partners Master Fund, LP look forward to "thoroughly reviewing" the company's delinquent financial reports, which are expected to be filed by Jan. 15.

Riley believes the filings will remove a "long-standing cloud over the issuer shares and provide management the opportunity to repurchase stock," according to a schedule 13D filing with the Securities and Exchange Commission.

In addition, Riley believes Silicon Storage is overcapitalized and urged the company's board to immediately implement a $50 million Dutch tender offer followed by ongoing share repurchases, the filing stated.

The reporting persons beneficially own some 6.21 million shares, or 6.0%, of the company's outstanding stock.

In a September SEC filing, Riley hinted at nominating directors to Silicon Storage's board if the company did not share the investors' sense of urgency regarding the undervalued shares.

At that time, the reporting persons owned about 5 million shares, or 4.9%, of the company's outstanding stock.

Silicon Storage, based in Sunnyvale, Calif., provides flash memory semiconductor devices for the digital consumer, networking, wireless communications and internet computing markets.

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