Crossroads Systems' Board Appoints Rick Coleman as Interim President and Chief
Brings Decades of Experience in Leading Technology Company Startups
AUSTIN, TX -- (Marketwired) -- 05/08/13 -- Crossroads Systems, Inc.
(NASDAQ: CRDS), a global provider of data archive solutions,
announced today that the Board of Directors has appointed Richard K.
"Rick" Coleman, Jr. currently a company director, as interim
president and chief executive officer, effective immediately, until
the selection process for a permanent president and CEO is complete.
Mr. Coleman replaces Robert C. Sims, former president and CEO, who
has left the company.
"We would like to thank Rob for his dedication and contributions to
the company over the years," commented Jeffrey Eberwein,
Chairman-elect of Crossroads Systems' board of directors. "We
appreciate all his efforts and wish him every success in his future
"The board is excited to be working with Rick Coleman to build on the
company's momentum at a time of tremendous opportunity," Mr. Eberwein
continued. "Having led a number of successful technology company
startups and turnarounds, Rick is the ideal person to take on the
interim CEO role at this point in the company's development, to drive
it forward and at the same time work closely with the board and the
appropriate outside advisors in the selection process for a permanent
new president and CEO. Moreover, recognizing the tremendous
opportunities that lie before us, the board of directors has also
committed to making significant enhancements to the company's
technical advisory board. The addition of industry experts will help
us strengthen our product messaging and ensure we have a product
evolution plan aligned with market and customer needs."
Mr. Coleman has a background as a private investor and business
advisor. His company, Rocky Mountain Venture Services (RMVS), has
helped technology companies plan and launch new business ventures and
restructuring initiatives since 1998. He has served in a variety of
senior operational roles, including CEO of Vroom Technologies, COO of
MetroNet Communications, and President of US West Long Distance, and
led Sprint Communications' Technology Management Division. He has
as an Adjunct Professor for Regis University's Graduate
management program and is a guest lecturer for Denver University,
focusing on leadership and ethics. Mr. Coleman holds a B.S. Degree
from the United States Air Force Academy, an M.B.A. from Golden Gate
University, and is a graduate of the United States Air Force
Communications Systems Officer School.
"Crossroads Systems has a great history, an extremely talented team
of employees, and a tremendous reputation," Mr. Coleman said. "The
company's Strong Box(R) has the potential to be the most innovative
data archive solution in the industry. I also want to thank Rob for
his steadfast leadership, and wish him the best."
About Crossroads Systems
Crossroads Systems, Inc. (NASDAQ: CRDS) is
a global provider of data archive solutions. Through the innovative
use of new technologies, Crossroads delivers customer-driven
solutions that enable proactive data security, advanced data
archiving, optimized performance and significant cost-savings.
Founded in 1996 and headquartered in Austin, TX, Crossroads holds
more than 100 patents and has been honored with numerous industry
awards for data archiving, storage and protection. Visit
Important Cautions Regarding Forward-Looking Statements
release includes forward-looking statements that relate to the
business and future events or future performance of Crossroads
Systems, Inc. and involve known and unknown risks, uncertainties and
other factors that may cause its actual results, levels of activity,
performance or achievements to differ materially from any future
results, levels of activity, performance or achievements expressed or
implied by these forward-looking statements. Words such as, but not
limited to, "believe," "expect," "anticipate," "estimate," "intend,"
"plan," "targets," "likely," "will," "would," "could," and similar
expressions or phrases identify forward-looking statements.
Forward-looking statements include, but are not limited to,
statements about Crossroads Systems' ability to implement its
business strategy, including the transition from a hardware storage
company to a software solutions and services provider, its ability to
expand its distribution channels, its ability to maintain or broaden
relationships with existing distribution channels and strategic
alliances and develop new industry relationships, the performance of
third parties in its distribution channels and of its strategic
alliances, uncertainties relating to product development and
commercialization, the ability to obtain, maintain or protect patent
and other proprietary intellectual property rights, technological
change in its industry, market acceptance of its products and
services, future capital requirements, regulatory actions or delays,
competition in general and other factors that may cause actual
results to be materially different from those described herein.
Forward-looking statements in this press release are based on
management's beliefs and opinions at the time the statements are
made. Crossroads Systems does not intend, and undertakes no duty, to
update this information to reflect future events or circumstances.
Copyright2013 Crossroads Systems, Inc. Crossroads and Crossroads
Systems are registered trademarks of Crossroads Systems, Inc. All
trademarks are the property of their respective owners. All
specifications are subject to change without notice.
Gotham Communications, LLC
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