Sphere 3D Announces Corporate Update
September 13 2016 - 1:28PM
Sphere 3D Corp. (NASDAQ:ANY), a containerization, virtualization
and data management solutions provider, and parent company of
Overland Storage and Tandberg Data, will provide an update on
certain aspects of its business at the Annual and Special Meeting
of Shareholders being held at 10:00 am Pacific Daylight Time (1:00
pm Eastern Daylight Time).
"The company has seen a number of positive
signals around its business and remains focused on driving the
adoption of our vertically integrated portfolio of hybrid Cloud,
Cloud, and on-premise solutions," said Eric Kelly, chairman and CEO
of Sphere 3D. "Our focus on operational efficiencies,
profitability, increased liquidity and continuing to advance key
corporate initiatives will provide the catalyst needed to achieve
our business goals.”
Corporate Update
- The company’s continued improvements in operational
efficiencies are expected to result in a minimum of $4 million in
additional savings per annum.
- The company has received a formal, non-binding expression of
interest for the purchase of certain of its assets from an
arm’s-length third party. The company is exploring this as well as
other options to increase shareholder value;
- The company is currently in late stage discussions with a
number of financial institutions in order to seek access to
additional capital.
- The company continues to see strong demand for both its
hardware and software products, and is pursuing large scale
contracts which, if concluded, would significant alter the scale of
its business.
About Sphere 3D
Sphere 3D Corp. (NASDAQ:ANY) delivers data
management, and desktop and application virtualization solutions
via hybrid Cloud, Cloud and on-premise implementations through its
global reseller network. Sphere 3D, along with its
wholly-owned subsidiaries Overland Storage and Tandberg Data, has a
strong portfolio of brands including Glassware 2.0™, NEO®, RDX®,
SnapCLOUD™, SnapScale®, SnapServer®, SnapSync™, and V3®. For
more information, visit www.sphere3d.com. Follow us on Twitter
@Sphere3D, @overlandstorage, and @tandbergdata.
Safe Harbor Statement
This press release contains 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, the Company’s ability to regain
compliance with the minimum bid price requirement of the NASDAQ
Global Market; the Company’s ability to transfer the listing of its
common stock to the NASDAQ Capital Market and its ability to
maintain listing with the NASDAQ Capital market; 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; our inability to comply with
the covenants in our credit facilities or to obtain additional debt
or equity financing; any increase in our future cash needs; the
level of success of our corporate restructuring efforts to increase
operational efficiencies; whether negotiations, if any, with third
parties will result in any binding corporate transactions;
market adoption and performance 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 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). 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, , except as required by law
Investor Contact:
Blueshirt Group
Michael Bishop
415-217-4968
mike@blueshirtgroup.com
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