SAN DIEGO--(BUSINESS WIRE)--July 8, 1999--Overland Data Inc. (NASDAQ NMS:OVRL), a technology leader in data storage and backup products, Thursday announced that it has purchased all of the assets related to a CD optical storage robotics technology from a major CD robotics automation company.
Included among the acquired assets are tooling, production
equipment, parts, designs documentation, and software rights. Terms of
the transaction and the identity of the seller were not disclosed.
Scott McClendon, Overland's president and chief executive
officer, said: "The acquisition of this jukebox technology gives
Overland the opportunity to leverage our existing investments in
DLTtape(TM) automated library technology by acquiring a robotics
technology that is geared for platter-based media, such as DVD. There
are enough similarities in the base technologies to enable Overland to
easily adapt its existing robotics manufacturing processes to build a
new platter-based product line.
"This acquisition could speed Overland's entry into new markets,"
added McClendon. "Combined with previous announcements about the use
of our VR2(TM) tape encoding technology on SLR(TM) tape drives from
Tandberg Data (OSLO:TAD) and on Travan NS(TM) tape drives controlled
by Imation Corp. (NYSE:IMN), this acquisition will enable Overland to
expand its reach into other segments of the storage marketplace that
we don't currently serve.
"Having access to both tape and optical robotics technologies
also opens up some intriguing possibilities for next-generation
integrated automated storage solutions from Overland."
About Overland
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(TM) LibraryXpress(tm)
SmartScale Storage(TM) architecture that establishes new standards for
intelligent automated storage and scalability, and the patented (no.
5,815,514) Variable Rate Randomizer (VR2) data encoding technology
that 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
Guaranteed Up Time Service (GUTS(TM)) Program that 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, uncertainties and assumptions that are difficult
to predict. Words and expressions reflecting optimism and satisfaction
with current prospects, as well as words such as "believe," "intends,"
"expects," "plans," "anticipates," and variations thereof, identify
forward-looking statements, but their absence does not mean that a
statement is not forward-looking. Such forward-looking statements are
not guarantees of performance, and 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, loss of a major customer, the timing and market
acceptance of new product introductions by the company and its
competitors, general competition and price pressures in the
marketplace, and the company's ability to control costs and expenses.
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. These forward-looking statements speak only as of the
date of this release, and the company undertakes no obligation to
publicly update any forward-looking statements to reflect new
information, events or circumstances after the date of this release.
Note to Editors: DLT and DLTtape are registered trademarks of Quantum
Corp. worldwide. All others are trademarks or trade names of their
respective owners.
--30--jap/la* mk/la
CONTACT: Overland Data Inc., San Diego
858/571-5555
http://www.overlanddata.com
Steve Richardson (product information)
srichardson@overlanddata.com
Scott McClendon (investors)
smcclendon@overlanddata.com
Vernon LoForti (investors)
vloforti@overlanddata.com
or
JPR Communications
Judy Smith, 818/386-0403
jprcommun@aol.com
http://www.jprcom.com
KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS COMED MERGERS/ACQ
