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."
-- 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.
-- 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
-- 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
-- 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:
Director, Global Corporate Communications
+1 (408) 283-4779
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