Preuss replaces Joseph D. Rizzi, who has retired from the board. Rizzi, a general partner in the Matrix Partners venture-capital firm, had served on the Overland board since 1989, helping the company grow from a manufacturer of PC-based 9-track-tape drives to its current leadership position in the DLT automated-storage-solutions market.
"Joseph Rizzi has been a key contributor to the success of Overland," said Scott McClendon, president and chief executive officer of Overland. "While we will miss his wisdom and counsel, we are excited to have the opportunity to add another dynamic business leader such as Peter Preuss to our board."
McClendon noted that the board will play an important and active role in maintaining Overland's lead and said, "Peter's knowledge of the industry and his business vision will be extraordinary assets for Overland as we continue to implement our growth strategy."
Preuss stated: "I've watched Overland's growth and been a supporter of the company for several years now. I'm delighted to be taking an active role in the development of this dynamic company."
Preuss joins the Overland board with a track record of two decades of success with technology companies. He is considered one of the pioneers of the computer-graphics industry, having founded Integrated Software Systems Corp. (ISSCO) (Nasdaq/NM:ISCX), an early innovator in visual information systems.
He served as president and later chairman and director of ISSCO, until the company was purchased by Computer Associates.
Preuss has served on the boards of many companies, including Biosym Technologies Inc., CENTRAX Corp., Depotech Corp. (DEPO), DOME Imaging Systems Inc., Execucom, Network Computing Devices Inc. (NCDI), Sierra Geophysics Inc. and Westec Services.
Preuss is noted for his contributions to nonprofit causes in the area of cancer research and education. In 1985, he created the Preuss Foundation for Brain Tumor Research, specifically CNS malignancies, through activities such as the funding of a research laboratory at the University of California, San Francisco.
Preuss has been appointed to a 12-year term as a regent of the University of California and is a member of the California Council on Science and Technology. He has been honored with a Special Recognition Award from the National Computer Graphics Association and a Distinguished Service Award from the American Association of Neurological Surgeons and Congress of Neurological Surgeons.
Overland is a global supplier of storage-automation solutions and related technologies designed to meet and surpass the critical requirements of high-availability network computing environments, from entry level to the enterprise.
The company is a recognized leader in technology innovation for such achievements as the award-winning DLT LibraryXpress SmartScale Storage architecture, which establishes new standards for intelligent automated storage and scalability, and the Variable Rate Randomizer (VR2) data-encoding technology, which can significantly increase the capacity and throughput of linear tape formats.
Overland has also earned a worldwide reputation for unmatched product quality and innovative warranty programs such as the recently announced Guaranteed Up Time Service (GUTS) Program, which dramatically reduce the total cost of ownership. The company's award- winning products meet the critical needs of end users, distributors and OEMs in industries worldwide.
Except for the factual statements made herein, the information contained in this news release consists of forward-looking statements that involve risks and uncertainties. The company's actual results could differ materially from those contained in such statements. Factors that could cause or contribute to such differences include unexpected shortages of critical components, rescheduling or cancellation of customer orders, the timing and market acceptance of new-product introductions by the company and its competitors, and general competition and price pressures in the marketplace. Reference is also made to other factors set forth in the company's filings with the Securities and Exchange Commission including the "Risk Factors," "Management's Discussion and Analysis" and other sections of the company's Form 10-K for the most recently completed fiscal year.
NOTE TO EDITORS: DLT is a claimed trademark of Quantum Corp. worldwide.
| CONTACT: Overland Data Inc., San Diego | |
| Steve Richardson, Scott McClendon or Vernon LoForti | |
| 619/571-5555 | |
| srichardson@overlanddata.com | |
| smcclendon@overlanddata.com | |
| vloforti@overlanddata.com | |
| http://www.overlanddata.com | |
| or | |
| JPR Communications, Encino, Calif. | |
| Judy Smith, 818/386-0403 | |
| jprcommun@aol.com | |
| http://www.jprcom.com | |
