Overland Storage Responds to Unsolicited Expression of Interest to Purchase All of the Company's Outstanding Stock
13 Oktober 2005 - 3:45PM
PR Newswire (US)
SAN DIEGO, Oct. 13 /PRNewswire-FirstCall/ -- On October 11, 2005
Overland Storage, Inc. (NASDAQ:OVRL) received an unsolicited letter
from Advanced Digital Information Corporation (NASDAQ:ADIC)
indicating that ADIC, a competitor of Overland, was prepared to
offer to acquire all of the outstanding stock of Overland for $7.90
per share. A copy of the letter was filed with the SEC on Schedule
13D/A by ADIC on October 11, 2005. ADIC reported in this SEC filing
that it owns 9.28% of Overland's common stock. After evaluating the
expression of interest, a Special Committee of Overland's Board of
Directors, together with its Board and financial advisor, Needham
& Company, LLC, determined that pursuing an offer on the
suggested terms would not be in the best interest of Overland's
shareholders. Overland remains committed to executing its strategy
to create long-term shareholder value. About Overland Storage, Inc.
Now in its 25th year, Overland Storage is a market leader and
innovative provider of simply protected storage solutions -- smart
data protection appliances and software modules designed to work
together, affordably, to ensure that information is automatically
safe, readily available and always there. Overland's award-winning
data protection solutions include the REO SERIES(TM) of disk-based
backup and recovery appliances and the NEO SERIES(TM) of tape
libraries. Overland sells its products through leading OEMs,
commercial distributors, storage integrators and value-added
resellers. For more information, visit Overland's web site at
http://www.overlandstorage.com/. 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. 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 risks and uncertainties
associated with the company's strategy in the primary and secondary
intelligent disk-based appliance market; market acceptance of the
company's next generation tape library platform; the timing and
market acceptance of new product introductions by competitors; the
speed at which HP transitions from the products it currently buys
from the company to its next-generation products to be purchased
from another vendor; delays, unbudgeted expenses, inefficiencies
and production problems; worldwide information technology spending
levels; unexpected shortages of critical components; rescheduling
or cancellation of customer orders; loss of a major customer; the
timing and amount of licensing royalties; general competition and
price pressures in the marketplace; the company's ability to
control costs and expenses; and general economic conditions.
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. Overland, Overland Storage, REO SERIES and NEO SERIES are
trademarks of Overland Storage, Inc. DATASOURCE: Overland Storage,
Inc. CONTACT: Vernon A. LoForti, CFO, , or Cynthia A. Bond,
Director of Corporate Communications, , both of Overland Storage,
Inc., +1-858-571-5555 Web site: http://www.overlandstorage.com/
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