Overland Storage(R) Announces Business Update; Expects to Exceed $24 Million Revenue for Q4FY14

Overland Storage(R) Announces Business Update; Expects to Exceed $24 Million 
Revenue for Q4FY14 
SAN DIEGO, CA -- (Marketwired) -- 08/04/14 --  Overland Storage, Inc.
(NASDAQ: OVRL), a trusted global provider of unified data management
and protection solutions across the data lifecycle, today announced
an update on its business operations to address recent successes.  
"The company continues to execute on its plan to become a global
leader in the rapidly-growing virtualization, cloud computing, mobile
and data management markets," said Eric Kelly, president and CEO of
Overland Storage. "We are seeing positive customer responses to the
combination of Overland and Tandberg, and are progressing towards
achieving the operational efficiencies required to return to
profitability. In addition, our recent financial results, coupled
with product growth and achievements, are providing a good foundation
as we progress into our next growth phase."  
Financial Highlights: 

--  Net revenue for the fourth quarter of FY2014 is expected to exceed $24
    million, up from approximately $20 million from the third fiscal
--  RDX(R) revenue is expected to exceed $8 million for the fourth
    quarter of FY2014, up from approximately $6 million in the third
--  NAS revenue increased more than 20% from the third quarter to the
    fourth quarter of FY2014.
--  Integration with Tandberg Data: The Company is continuing to remain on
    track with its integration plan, and expects to achieve approximately
    $20 million in annual synergies, as previously disclosed, by the end
    of calendar year 2014.

Business Highlights: 

--  RDX: The RDX product line has reached a significant milestone with
    over 2 million RDX removable disk cartridges and over 650,000 RDX
    drives shipped worldwide. This milestone demonstrates the growing
    global acceptance of RDX technology as a backup and archive system.
--  NAS: Last week, the Company announced the newest version of its
    award-winning GuardianOS(R) NAS operating system with enhanced
    features for simplified storage management, improved compatibility,
    security and performance. Optimized for reliability and speed,
    GuardianOS delivers storage provisioning, data protection, improved
    cross-platform file sharing, mixed client network environments, and
    security. GuardianOS 7.5 is available now for download.
--  Tape business: In June, Overland Storage won "Tape-Based Product of
    the Year" at the 2014 Storage Awards for its NEO(R) 8000e tape
    library, and was named runner-up for the Tandberg Data
    StorageLibrary(R) T40+.
--  SnapServer(R) and BitTorrent Collaboration: Earlier this month, the
    Company announced collaboration with BitTorrent, Inc. to embed
    BitTorrent Sync(TM) within Overland's award-winning SnapServer
    Network Attached Storage (NAS) product line. Available now, this
    solution delivers an integrated, secure private cloud mobility
    solution, and effortlessly synchronizes files between
    geographically-dispersed mobile devices, tablets, desktop clients and
    networked storage systems with no transfer limits or subscription
--  Virtualization business continues through the Company's existing
    partnership with Sphere3D. Several customers are participating in the
    early adopter and pilot programs including organizations in key market
    segments such as:
    --  Public Sector: Thousand+ Chromebook implementation based on
        Glassware 2.0
    --  Healthcare: A network of hospitals are implementing a combined
        solution that includes SnapServer DX2, V3 appliances, and
    --  Cloud Deployment: A leading business productivity applications
        suite virtualized by the Glassware 2.0 and built on an Overland
        Storage cloud infrastructure
--  BDT Lawsuit Settlement: Overland Storage has settled all claims in its
    patent infringement litigation filed against BDT Media Automation
    GmbH. As part of the settlement agreement, Overland Storage has
    entered into a patent cross-license agreement with BDT Media
    Automation GmbH and a strategic investment in Overland Storage by BDT.
--  Sphere3D Merger: Overland Storage's definitive merger agreement with
    Sphere3D Corporation is progressing with a Form F-4 registration
    statement that was filed on July 23.

About Overland Storage
 Overland Storage is a trusted global provider
of unified data management and data protection solutions across the
data lifecycle. The Company provides an extensive and complementary
portfolio of technologies and services for primary, nearline,
offline, and archival data storage. Overland Storage and Tandberg
Data, a wholly-owned subsidiary of Overland, make it easy and
cost-effective to manage different tiers of information over the data
lifecycle, whether distributed data is across the hall or across the
globe. Overland Storage recently announced its proposed merger with
Sphere 3D Corporation (NASDAQ: ANY) (TSX VENTURE: ANY) This alliance
is intended to bring together next generation technologies for
virtualization and cloud coupled with end-to-end scalable storage
offerings, allowing them to address the rapidly growing
virtualization and cloud markets. Overland Storage and Tandberg Data
solutions are available through a select network of value-added
resellers and system integrators. For more information, visit
http://www.overlandstorage.com or http://www.tandbergdata.com.  
Overland Storage, the Overland logo and Tandberg Data are trademarks
or registered trademarks of Overland Storage, Inc. that may be
registered in some jurisdictions. All other trademarks are the
property of their respective owners. 
Overland Storage Contact: 
Pattie Adams
Director, Global Corporate Communications
+1 (408) 283-4779
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