Press Release
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Sphere 3D Closes Direct Equity Offering and Concurrent Private Placement

SAN JOSE, Calif., March 29, 2017 (GLOBE NEWSWIRE) -- Sphere 3D Corp.  (NASDAQ:ANY), a containerization, virtualization, and data management solutions provider, today announced the closing of its previously announced direct equity and concurrent private placement, resulting in gross proceeds of approximately U.S. $4.5 million.

As the Company originally reported on March 24, 2017, it entered into securities purchase agreements with institutional investors to purchase 20,454,546 common shares of the Company for a purchase price of $0.22 per share in a registered direct offering, and also agreed to sell unregistered warrants to the investors in a concurrent private placement to purchase up to 20,454,546 common shares with an exercise price of U.S. $0.30 per share, a five-year term, and are exercisable in whole or in part.

The proceeds will be used for general corporate and working capital purposes.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

About Sphere 3D
Sphere 3D Corp. (NASDAQ:ANY) delivers containerization, virtualization, and data management solutions via hybrid cloud, cloud and on-premises implementations through its global reseller network and professional services organization. Sphere 3D, along with its wholly owned subsidiaries Overland Storage, and Tandberg Data, has a strong portfolio of brands, including HVE ConneXions and UCX ConneXions, dedicated to helping customers achieve their IT goals. For more information, visit www.sphere3d.com. Follow us on Twitter @Sphere3D@overlandstorage, and @tandbergdata.

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 our inability to comply with the covenants in our credit facilities or to obtain additional debt or equity financing; any increase in our future cash needs; our ability to successfully integrate the UCX and HVE ConneXions business with Sphere 3D's other businesses; our ability to regain compliance with the NASDAQ minimum closing bid price requirement between now and July 31, 2017; our inability to take other actions to regain compliance with the NASDAQ minimum closing bid price requirement; our ability to maintain compliance with other NASDAQ Capital Market listing requirements; unforeseen changes in the course of Sphere 3D’s business or the business of its wholly-owned subsidiaries, including, without limitation, Overland Storage and Tandberg Data; market adoption and performance of our products; the level of success of our collaborations and business partnerships; possible actions by customers, partners, suppliers, competitors or regulatory authorities; and other risks detailed from time to time in Sphere 3D’s periodic reports contained in our Annual Information Form and other filings with Canadian securities regulators (www.sedar.com) and in prior periodic reports filed with the United States Securities and Exchange Commission (www.sec.gov). Sphere 3D undertakes no obligation to update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise, except as required by law.

Investor Contact:
The Blueshirt GroupMike Bishop
Tel: +1 415-217-4968
mike@blueshirtgroup.com

Lauren Sloane
Tel: +1 415-217-2632
Lauren@blueshirtgroup.com

Sphere 3D Corporation