Overland Expands Strategic Relationship With Sphere 3D
February 12 2014 - 6:30AM
Marketwired
Overland Expands Strategic Relationship With Sphere 3D
Overland Partner Sphere 3D Acquires V3 Systems, Creating New
Purpose Built VDI Appliance and Software Defined Storage
Solution
SAN DIEGO, CA--(Marketwired - Feb 12, 2014) - Overland Storage
(NASDAQ: OVRL), a trusted global provider of unified data
management and data protection solutions across the data lifecycle,
today announced an expanded relationship with Sphere 3D Corporation
(TSX-VENTURE: ANY) (OTCQX: SPIHF), a virtualization technology
solution provider, as a result of Sphere 3D's recently announced
agreement to acquire the product portfolio of V3 Systems. Once
completed, this acquisition by Sphere 3D is expected to enable
incompatible devices and applications to run over the cloud.
Pursuant to Overland's existing supply agreement with Sphere 3D,
Overland's NAS platform will be included in the V3 offering, which
will be delivered through Overland's channel partners.
Sphere 3D recently announced a definitive agreement to acquire
V3 Systems, Inc., of Salt Lake City, Utah. V3 is the creator of the
Desktop Cloud Orchestrator™ virtualization software, which is
designed to allow administrators to manage local, cloud hosted and
hybrid virtual desktop deployments, as well as a series of
purpose-built, compact, efficient and easy-to-manage servers, known
as V3 Appliances. As an Embedded OEM VMware partner, V3 has
revolutionized the speed, ease of deployment and even the size of
the data center required for virtual desktop infrastructure
(VDI).
According to International Data Corporation (IDC), "The rapidly
changing virtualization landscape continues to have a significant
impact on storage systems. In 2010, 41.8% of external storage
systems' capacity was attached to virtualized environments. IDC
expects 2014 to be the crossover year in which more storage
capacity will be shipped to virtualized environments than to
non-virtualized environments -- a good chunk of this capacity will
be for desktop virtualization infrastructures." IDC forecasts that
by 2016, storage attached to virtualized x86 workloads will be
71.1% of external storage systems capacity.
"We expect the combination of the joint technologies of Sphere
3D and V3, along with the Overland NAS platform, to create a unique
value proposition that satisfies pain points in today's growing
market. This new level of flexibility creates an opportunity to
deliver new business value to our customers, including faster time
to deployment, reduced complexity, increased performance, as well
as cost efficiencies that go right to the bottom line," said Eric
Kelly, President and CEO of Overland.
V3, Sphere 3D, and Overland have been working closely together
for several months and Overland began shipping the V3 Systems
products in December 2013. In addition, pursuant to the existing
agreements between Overland and Sphere 3D, the parties intend to
deliver and provide support for both Sphere 3D's existing and newly
acquired V3 product suites through Overland's extensive global
network of channel partners and service providers. Peter
Tassiopoulos, CEO of Sphere3D, said, "I couldn't be more excited
with the blended solution we have created with Overland and V3.
Overland's massive global reach will enable us to create the market
penetration velocity needed to deliver our solution through a
proven and trusted partner."
Sphere 3D's purchase of the V3 product portfolio is subject to
various closing conditions, including the completion of due
diligence, financing conditions, receipt of approval of the Toronto
Stock Exchange and various other conditions customary of a
transaction of its nature. Sphere 3D has notified Overland that the
closing is expected to occur on or about February 28, 2014.
Safe Harbor Statement 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, satisfaction or disappointment with current
prospects, as well as words such as "believes," "hopes," "intends,"
"estimates," "expects," "projects," "plans," "anticipates" and
variations thereof, or the use of future tense, 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 our actual results could
differ materially from those contained in such statements. Factors
that could cause or contribute to such differences include, but are
not limited to: risks related to the ability of Sphere3D to raise
capital and to close the contemplated transaction with V3, our
ability to maintain our relationship with Sphere3D; our ability to
maintain and increase sales volumes of our products; our ability to
continue to aggressively control costs and operating expenses; our
ability to achieve the intended cost savings and maintain quality
with our manufacturing partner; our ability to generate cash from
operations; the ability of our suppliers to provide an adequate
supply of components for our products at prices consistent with
historical prices; our ability to raise outside capital and to
repay our debt as it comes due; our ability to introduce new
competitive products and the degree of market acceptance of such
new products; the timing and market acceptance of new products
introduced by our competitors; our ability to maintain strong
relationships with branded channel partners; our ability to
maintain the listing of our common stock on the NASDAQ Capital
Market; customers', suppliers' and creditors' perceptions of our
continued viability; rescheduling or cancellation of customer
orders; loss of a major customer; our ability to enforce our
intellectual property rights and protect our intellectual property
(including the outcome of our ongoing patent litigation); general
competition and price measures in the market place; unexpected
shortages of critical components; worldwide information technology
spending levels; and general economic conditions. Reference is also
made to other factors detailed from time to time in our periodic
reports filed with the Securities and Exchange Commission. These
forward-looking statements speak only as of the date of this
release and we undertake no obligation to publicly update any
forward-looking statements to reflect new information, events or
circumstances after the date of this release.
About Overland Storage Overland Storage is a trusted global
provider of unified data management and data protection solutions
across the data lifecycle. By providing an integrated range of
technologies and services for primary, nearline, offline, and
archival data storage, Overland makes it easy and cost effective to
manage different tiers of information over time whether distributed
data is across the hall or across the globe. Overland SnapScale,
SnapServer, SnapSAN, NEO Series and REO Series solutions are
available through a select network of value-added resellers and
system integrators. For more information, visit
www.overlandstorage.com.
Connect with Overland Storage: Read the Overland blog:
http://overlandstorage.com/blog Follow Overland on Twitter:
http://www.twitter.com/OverlandStorage Visit Overland on Facebook:
http://www.facebook.com/OverlandStorage
Overland Storage, SnapScale, SnapSAN, SnapServer, NEO
Series, REO Series and the Overland logo are trademarks of Overland
Storage, Inc., that may be registered in some jurisdictions. All
other trademarks used are owned by their respective
owners.
Investor Relations Contact: Todd Kehrli or Jim Byers MKR Group
Inc. 323-468-2300
ovrl@mkr-group.com
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