The company has been buying back its shares in the open market pursuant to a 500,000-share program authorized by the board on April 15, 1997. Prior to the Seagate purchase, the company had purchased a total of 238,600 shares under the program. The board authorized the purchase of the Seagate block over and above the existing program.
As a result, the company has remaining authority to purchase an additional 261,400 shares. The shares purchased from Seagate represented the final piece of a larger block originally owned by Conner Peripherals prior to its acquisition by Seagate in 1996. Terms of the purchase were not disclosed.
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 and product reliability. Its award-winning products meet the critical needs of end users, distributors and OEMs in industries worldwide.
Contact:
Overland Data Inc., San Diego
Scott McClendon or Vernon A. LoForti, 619/571-5555
619/571-0982 (fax)
