SAN JOSE, Calif., June 9 /PRNewswire-FirstCall/ -- Sanmina-SCI Corporation (Nasdaq: SANM, "the Company"), announced today that in response to recent securities market analyst and media attention regarding its stock option practices, that the Company initiated an internal inquiry of grants to its executive officers as named in its annual proxy statements. It is Sanmina- SCI's practice to grant options to its executive officers at the time of the Compensation Committee's annual review. Outside Directors receive annual grants effective the first business day of October of each year.
Sanmina-SCI's Board of Directors has taken additional measures in light of recent attention to the subject of stock options administration practices by forming a special committee to conduct an investigation of the Company's stock option grant activity. This Committee will retain independent outside legal counsel to conduct a thorough review of the Company's stock option programs.
Separately, the Securities and Exchange Commission has contacted the Company and requested certain information regarding option grants to its executive officers, directors, and employees for the period since January 1, 1997. The Company intends to fully cooperate with the SEC's request.
Sanmina-SCI will make further announcements about the review process as appropriate.
About Sanmina-SCI
Sanmina-SCI Corporation is a leading electronics contract manufacturer serving the fastest-growing segments of the global electronics manufacturing services (EMS) market. Recognized as a technology leader, Sanmina-SCI provides end-to-end manufacturing solutions, delivering unsurpassed quality and support to OEMs primarily in the communications, defense and aerospace, industrial and semiconductor, medical instrumentation, enterprise computing and storage, personal and business computing, and multimedia and consumer sectors. Sanmina- SCI has facilities strategically located in key regions throughout the world. More information regarding the Company is available at http://www.sanmina-sci.com/.
Sanmina-SCI Safe Harbor Statement
The foregoing, including the discussion regarding the company's future prospects, contains certain forward-looking statements that involve risks and uncertainties, including uncertainties associated with economic conditions in the electronics industry, particularly in the principal industry sectors served by the company, changes in customer requirements and in the volume of sales to principal customers, the ability of Sanmina-SCI to effectively assimilate acquired businesses and achieve the anticipated benefits of its acquisitions, and competition and technological change. The company's actual results of operations may differ significantly from those contemplated by such forward-looking statements as a result of these and other factors, including factors set forth in the company's fiscal year 2005 Annual Report on Form 10-K filed on December 29, 2005 with the Securities Exchange Commission.
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