Sphere 3D Establishes Board Subcommittee and Retains Ernst & Young Capital Advisors as Exclusive Financial Advisor to Evaluat...
August 11 2017 - 8:49AM
Sphere 3D Corp. (NASDAQ:ANY), a containerization, virtualization,
and data management solutions provider, today reports that it has
created a subcommittee of its board of directors to review
strategic alternatives that may enhance shareholder value. Sphere
3D also reports that it has hired Ernst & Young Capital
Advisors, LLC (“EYCA”) as its exclusive financial advisor to review
strategic alternatives.
"After careful consideration, our Board and
management have determined to undertake a review of strategic
alternatives with the goal of maximizing shareholder value," stated
Vic Mahadevan, Lead Independent Director of Sphere 3D. "While the
management team has made excellent progress in the execution of our
strategic roadmap to transform the company into a more focused,
efficient, and innovative organization, we believe that more can be
done and as such, we believe that a review of strategic options at
this time is in the best interests of shareholders."
EYCA will be assisting the Company in evaluating
a broad range of strategic options currently being considered.
Sphere 3D does not have a defined timeline for the exploration of
strategic alternatives and does not make any assurance that these
efforts will result in any announcement or consummation of
strategic alternatives. The Company does not intend to
discuss or disclose further developments during this process unless
and until it has entered into a specific transaction or otherwise
determined that further disclosure is required or appropriate.
About Sphere 3DSphere 3D
Corp. (NASDAQ:ANY) delivers containerization, virtualization,
and data management solutions via hybrid cloud, cloud and
on-premises implementations through its global reseller network and
professional services organization. Sphere 3D, along with its
wholly owned subsidiaries Overland Storage and Tandberg
Data, have a strong portfolio of brands, including HVE
ConneXions and UCX ConneXions, dedicated to helping
customers achieve their IT goals. For more information,
visit www.sphere3d.com. Follow us on
Twitter @Sphere3D, @HVEconneXions and @ovltb.
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 our inability to comply with the covenants in our credit
facilities or to obtain additional debt or equity financing; our
ability to enter into transactions as contemplated in this press
release; our ability to maintain compliance with NASDAQ Capital
Market listing requirements; any increase in our future cash needs;
our ability to successfully integrate the UCX and HVE ConneXions
business with Sphere 3D's other businesses; 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; the market adoption, actual 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). 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:
The Blueshirt Group
Lauren Sloane
Tel: +1 415-217-2632
lauren@blueshirtgroup.com
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