SOURCE: Adaptec

July 31, 2008 16:05 ET

Adaptec Announces Stock Repurchase Program

MILPITAS, CA--(Marketwire - July 31, 2008) - Adaptec, Inc. (NASDAQ: ADPT), a global leader in storage solutions, announced today that its Board of Directors has authorized a stock repurchase program of up to $40 million of the Company's common stock.

"The Board's decision to support a stock repurchase program underscores our commitment to delivering stockholder value and managing our balance sheet for the benefit of our stockholders," said Sundi Sundaresh, Adaptec's chief executive officer.

Shares may be repurchased under the program from time to time in the open market, in privately negotiated transactions or in such other manner as is selected by the Company, and any such purchases will be at times and in amounts as the Company deems appropriate, based on market conditions and other relevant considerations.

About Adaptec

Adaptec, Inc. (NASDAQ: ADPT) provides trusted storage solutions that reliably move, manage, and protect critical data and digital content. Adaptec's software and hardware-based solutions are delivered through leading original equipment manufacturers (OEMs) and channel partners to provide storage connectivity, data protection, and networked storage to enterprises, government organizations, medium and small businesses worldwide. More information is available at www.adaptec.com.

Safe Harbor Statement

This news release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. Forward-looking statements are statements regarding future events or the future performance of Adaptec, and include statements regarding Adaptec's proposed stock repurchase program and the anticipated benefits such program will provide to Adaptec and its stockholders. These forward-looking statements are based on current expectations, forecasts and assumptions and involve a number of risks and uncertainties that could cause actual results to differ materially from those anticipated by these forward-looking statements. These risks include: uncertainties regarding the price per share Adaptec may repurchase its common stock under the proposed stock repurchase program, price and volume fluctuations in Adaptec's common stock and the stock markets generally; achieving necessary support from the contract manufacturers to which we have outsourced manufacturing, assembly and packaging of our products; retaining key management; reduced demand in the server, network storage and desktop computer markets; our target markets' failure to accept, or delay in accepting, network storage and other advanced storage solutions, including our SAS, SATA and iSCSI lines of products; decline in consumer acceptance of our current products; and the adverse effects of the intense competition we face in our business. For a more complete discussion of risks related to our business, reference is made to the section titled "Risk Factors" included in our Annual Report on Form 10-K/A for the year ended March 31, 2008 on file with the Securities and Exchange Commission. Adaptec assumes no obligation to update any forward-looking information that is included in this release.