Overland Storage(R) Expects to Exceed Synergy Estimates and Is On Track for Completion of Company Transformation
- Sphere3D has filed with the SEC Amendment No. 2 to its Registration Statement on Form F-4/A covering the shares of
Sphere 3D'scommon stock to be issued in connection with the proposed merger with Sphere 3D.
- The proposed merger with Sphere3D continues to be on track to close this fiscal quarter, subject to the effectiveness of the registration statement described above.
- We have entered into a Memorandum of Understanding with the plaintiffs in the consolidated class action cases referred to as "In re
Overland Storage Inc., Shareholders Litigation" that would, subject to court approval and other standard conditions, provide for the settlement of all outstanding claims in regard to our proposed merger transaction with Sphere3D. Overland Storagehas secured $5.0 millionof working capital in the form of debt financing from Cyrus Capitalto support restructuring and transition plans.
- Between the closing of our acquisition of Tandberg Data and the end of this quarter, we will have reduced our headcount by over 100 people, constituting approximately 30% of our workforce excluding personnel in our Chinese manufacturing facility.
- We are in the process of completing the transition of manufacturing from our
San Diegofacility to our Chinafacility and contract manufacturers.
- Our relationship with
BDT Media Automation GmbHhas progressed with the expansion of our tape automation product offerings and previously announced patent cross license agreement.
- V3 hyper-converged appliances designed to address the rapidly growing virtualization and cloud markets.
- SnapServer XSD 40, powered by the new GuardianOS 7.6 software, is the simplest and most versatile NAS and iSCSI SAN storage available for today's business needs -- from virtualized server and Microsoft Exchange environments, to backup and storage consolidation.
- SnapScale clustered data storage with the new version of our RAINcloud operating system optimized for virtual infrastructures without adding management complexity.
- RDX integration with SnapServer provides small-medium business customers with an affordable integrated solution for backup and data exchange.
- NEO tape automation product line will allow us to address a larger segment of the market, and provide our customers with a broader set of archive options.
This communication may be deemed to be solicitation material in respect of the proposed combination of
This document shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Safe Harbor Statement
This press release contains forward-looking statements that involve risks, uncertainties, and assumptions that are difficult to predict. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of risks and uncertainties including, without limitation, unforeseen changes in the course of Overland's business or Sphere's business; any failure to consummate the proposed merger between Overland and Sphere; any increase in Sphere's or Overland's cash needs; possible actions by customers, suppliers, competitors or regulatory authorities with respect to Overland or Sphere; other risks detailed in the Form F-4 filed by Sphere with the
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