Shareholder seeks changes to Silicon Storage's governance, recommends Bryant Riley as chairman

By Lisa Kerner

Charlotte, N.C., Nov. 19 - Silicon Storage Technology, Inc. shareholder Lloyd I. Miller III believes it is in the best interests of the company's shareholders if he attempts to influence the company's governance and business strategies, according to a schedule 13D filed with the Securities and Exchange Commission.

Miller wants Silicon Storage to:

• Conduct a comprehensive review of its assets and lines of business and focus its financial and management resources accordingly; and

• Divest itself of the equity securities of other companies and adopt a policy against investing any further funds in corporate equities.

Miller, a 5.9% shareholder, urged the company's board of directors to declare and pay a special dividend of $1 per share and to consider making appropriate changes in governance and leadership, the filing said.

Lastly, Miller said he intends to recommend Bryant R. Riley of Riley Investment Partners Master Fund, LP for the position of chairman of Silicon Storage's board.

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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