SMART MODULAR TECHNOLOGIES INC
			Symbol			SMOD

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SMART Modular Technologies Repurchases and Retires $26.2 Million of Senior Secured Floating Rate Notes Due 2012

2009-10-26 08:30 ET - News Release

NEWARK, CA -- (MARKET WIRE) -- 10/26/09

SMART Modular Technologies (WWH), Inc. ("SMART" or the "Company") (NASDAQ: SMOD), a leading independent manufacturer of memory modules, solid state drives, embedded computing subsystems, and TFT-LCD display products, today announced that it recently repurchased $26.2 million aggregate principal amount of its senior secured floating rate notes due 2012 (the "Notes") at a discount. Using $25 million cash on hand, SMART paid 95.5% of the principal or face amount of the Notes to acquire and retire such debt early. The aggregate principal amount outstanding under the Notes is now $55.1 million, down from $81.3 million.

By using cash on hand to extinguish almost one-third of its long-term debt, SMART expects to save $1.5 million in annual interest expense based on the current interest rate under the Notes of approximately 5.8%. Earlier this month, SMART reported that it had approximately $147.7 million of cash and cash equivalents as of August 28, 2009 (the end of its fiscal 2009) and that it had generated operating cash flow of $52.5 million during fiscal 2009.

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