The company, which said in October that it had accessed its cash facility, was in talks for additional capital, Schmitt said.
"There is ongoing discussion," he said. "We've plenty of interested parties. I don't think it'll be an issue for us to get cash into the company. It's a question of what the terms look like."
Schmitt said OCZ had no plans to sell itself but was always open to exploring strategic alternatives.
"(A) sale is a strategic alternative. But right now that's not the direction we are heading towards because we believe the valuation of the company today should be higher even if based on the pure assets of the company," he said.
OCZ's shares spiked in July on reports that larger rival Seagate Technology Plc had made a takeover offer. Micron Technology Group was also said to be interested in the company. Schmitt declined to comment on whether OCZ had received any offers.
OCZ's plan to scrap about 150 mostly lower-end products will help it focus on higher-margin offerings, Schmitt said.
From now on, Schmitt said, the focus of the company would be profitability and not topline growth alone. OCZ has not made a profit in the last three quarters.
Charges associated with the closure of the product lines and job cuts will be taken over more than one quarter, Schmitt said.
The simplification of product lines is also helping to push out older inventory. Inventory levels for the quarter ended May 31 totaled $125.8 million, up from $34.6 million a year earlier.
"I'll say that we've got the train back on the track," Schmitt said, referring to an analyst's description of the company as a "train wreck."
"We are cranking up the speed here, moving forward on those tracks," Schmitt said.