REPEAT: Sphere 3D Completes US$20 Million Debt Financing with Opus Bank
April 07 2016 - 8:02AM
Sphere 3D Corp. (NASDAQ:ANY), a containerization, virtualization
and data management solutions provider and parent company of
Overland Storage and Tandberg Data, today announced that it has
entered into a US$20 Million debt financing, consisting of a US$10
Million Revolving Credit Facility and a US$10 Million Term Loan
Facility, with Opus Bank (“Opus”) (NASDAQ:OPB).
Eric Kelly, Chairman and Chief Executive Officer
of Sphere 3D commented, “We are coming off a year where we have
undertaken a significant transformation and have positioned the
company for growth in 2016. In preparing for this growth, we are
excited to have the opportunity to partner with Opus Bank, whose
strength, leadership and experience in working with leading
technology companies, provides us with the necessary foundation to
capitalize on our opportunities.”
Kevin McBride, Senior Managing Director and Head
of the Technology Banking division at Opus Bank, stated, "Sphere 3D
has developed differentiated hybrid cloud solutions and partnered
with leading global technology companies to help organizations
modernize their IT infrastructure in a flexible and affordable
way.” McBride added, “The senior debt solution provided by Opus
Bank is an example of Opus’ technology experience and capability to
deliver needed financing to middle-market technology companies like
Sphere 3D. Opus is pleased to have the opportunity to become Sphere
3D’s lead commercial bank.”
Technology Banking at Opus Bank
Opus Bank’s Technology Banking division serves
later stage, venture-backed, private equity, and public
middle-market technology companies that focus on intellectual
property (IP), software, hardware, and IT services.
About Opus Bank
Opus Bank is an FDIC insured
California-chartered commercial bank with $6.6 billion of total
assets, $5.5 billion of total loans, and $5.3 billion in total
deposits as of December 31, 2015. Opus Bank provides high-value,
relationship-based banking products, services, and solutions to its
clients through its Retail Bank, Commercial Bank, Merchant Bank,
and Correspondent Bank. Opus Bank offers a suite of treasury and
cash management and depository solutions and a wide range of loan
products, including commercial business, healthcare, technology,
multifamily residential, commercial real estate, and structured
finance, and is an SBA preferred lender. Opus Bank offers
commercial escrow services and facilitates 1031 Exchange
transactions through its Escrow and Exchange divisions. Opus Bank
provides clients with financial and advisory services related to
raising equity capital, targeted acquisition and divestiture
strategies, general mergers and acquisitions, debt and equity
financing, balance sheet restructuring, valuation, strategy, and
performance improvement through its Merchant Banking division and
its broker-dealer subsidiary, Opus Financial Partners. Opus Bank
operates 58 client experience centers, including 33 in California,
22 in the Seattle/Puget Sound region in Washington, two in the
Phoenix metropolitan area of Arizona, and one in Portland, Oregon.
Opus Bank is an Equal Housing Lender.
About Sphere 3DSphere 3D Corp.
(NASDAQ:ANY) delivers containerization and virtualization
technologies along with data management products that enable
workload-optimized solutions. We achieve this through a combination
of containerized applications, virtual desktops, virtual storage
and physical hyper-converged platforms. Sphere 3D’s value
proposition is simple and direct—we allow organizations to deploy a
combination of public, private or hybrid Cloud strategies while
backing them up with state of the art storage solutions.
Sphere 3D, along with its wholly-owned subsidiaries Overland
Storage and Tandberg Data, has a strong portfolio of brands
including Glassware 2.0™, SnapCLOUD™, SnapScale®, SnapServer®, V3,
RDX®, and NEO®. For more information, visit
www.sphere3d.com. Follow us on Twitter @Sphere3D or
@overlandstorage.
Investor
Contact:Blueshirt GroupMichael
Bishop415-217-4968mike@blueshirtgroup.com
Safe Harbor StatementThis press
release may contain forward-looking statements that involve risks,
uncertainties, and assumptions that are difficult to predict.
Actual results and the timing of events could differ materially
from those anticipated in such forward-looking statements as a
result of risks and uncertainties including, without limitation,
unforeseen changes in the course of Sphere 3D’s business or the
business of its wholly-owned subsidiaries, including, without
limitation, Overland Storage and Tandberg Data; any increase in
Sphere 3D’s cash needs or our inability to obtain additional debt
or equity financing; performance and functionality of our
products,; the level of success of our collaborations and business
partnerships; possible actions by customers, partners, suppliers,
competitors or regulatory authorities; and other risks detailed
from time to time in Sphere 3D’s periodic reports contained in our
Annual Information Form and other filings with Canadian securities
regulators (www.sedar.com) and in prior periodic reports filed with
the United States Securities and Exchange Commission (www.sec.gov),
and risks detailed in the Form F-4/A relating to Sphere 3D’s merger
with Overland Storage filed with the SEC. Sphere 3D undertakes no
obligation to update any forward-looking statement, whether written
or oral, that may be made from time to time, whether as a result of
new information, future developments or otherwise.
Sphere 3D (NASDAQ:ANY)
Historical Stock Chart
From Mar 2024 to Apr 2024
Sphere 3D (NASDAQ:ANY)
Historical Stock Chart
From Apr 2023 to Apr 2024