OCZ Technology has received an offer from Toshiba to acquire all of the company's assets as part of a bankruptcy proceeding. In a press release on the matter, OCZ said they have completed negotiations for said purchase at an undisclosed price. The agreement is of course subject to various conditions and no timeline for the completion of the deal was given.

OCZ was founded in 2002 as a provider of enthusiast memory. The company branched out into a number of different product lines over the years and was one of the pioneers of solid state drive technology starting around 2009 or so. In early 2011, OCZ abruptly exited the memory modules business to focus their efforts on producing solid state drives and power supplies.

News that OCZ was in trouble first started circulating in July of 2012 when sources suggested the company was in acquisition talks with Micron and Seagate. It's unclear exactly what happen but many speculate founder and CEO Ryan Petersen was unable to seal the deal and as a result, he resigned a couple of months later in September.

We don't know exactly why OCZ ultimately when under but again, some speculate that a shortage in NAND flash memory combined with stiff competition from Samsung and other heavyweights likely factored into it. Furthermore, OCZ had a lot of product lines at one point (perhaps too many) and their SSD reliability was called into question in recent years.

If the two parties are unable to close the deal, OCZ said they expect to file a petition for bankruptcy and liquidate.

Update: OCZ has since issued the following statement in relation to product warranties.

With the recent news OCZ wants to reassure all our valued customers that the Company is honoring all product warranties. If any customers require support they are encouraged to contact our customer support and forum support teams who will be more than happy to assist. OCZ will be operating in a business as usual mode during these proceedings.