HAVANT, United Kingdom,
July 1, 2013 /PRNewswire/ -- Xyratex
Ltd (Nasdaq: XRTX), a leading provider of data storage technology,
today announced the appointment of Ken
Traub to the Board of Directors. Following the Company's
Annual Shareholders' Meeting on June 26th in New York City, Ken
Traub was appointed as a Class III director of Xyratex Ltd.
Mr. Traub has extensive experience as a senior executive, director
and investor in public companies since earning an MBA from
Harvard Business School in 1988.
Jonathan Brooks, Chairman of
Xyratex, said, "I am delighted that Ken
Traub has joined the Board and look forward to his valuable
contributions in the future."
Mr. Traub joins the Board following the Company's agreement in
April 2013 with Baker Street Capital,
whose Managing Member, Vadim
Perelman, was re-elected to the Board as a Class I director
at the Company's Annual Shareholders' Meeting.
"Since joining the board in March, I have spent a substantial
amount of time working with senior management to analyze the
Company's businesses, product development strategy and investments
in the HPC/Big Data area. I am pleased to see that the core Storage
Solutions and Capital Equipment businesses are stabilized and
profitable, while ClusterStor represents a significant profitable
growth opportunity for Xyratex. I have been impressed by the
traction and momentum that the ClusterStor product line has
established in the HPC/Big Data marketplace, evidenced by numerous
major design wins, a growing number of satisfied customers and
increasing market share," said Vadim
Perelman, Director. "Financially, the company has made
adjustments to ClusterStor operating expenses and the product line
is approaching an inflection point where it is anticipated to
contribute positively to Xyratex in Fiscal Year 2014 and to become
a self-sustaining business unit going forward. I and the rest of
the board unanimously support the continued investment in
ClusterStor as we are confident that the business will provide the
best next generation solutions to our customers' increasing storage
requirements as well as deliver value to Xyratex shareholders."
"I look forward to working with Jonathan, the rest of the board
and the executive team at Xyratex," said Ken Traub, Director, "I believe the company has
some very valuable technology, a strong customer base, a world
class engineering team that develops some of the best technology
for our customers and a strong financial foundation. I
believe these components will allow us to serve our customers in
the best capacity available in the market."
Safe Harbor Statement
This press release contains forward–looking statements. These
statements relate to future events or our future financial
performance. These statements are only predictions and involve
known and unknown risks, uncertainties and other factors that may
cause our actual results, levels of activity, performance or
achievements to differ materially from any future results, levels
of activity, performance or achievements expressed or implied by
these forward-looking statements.
Factors that might cause such a difference include our inability
to successfully execute our business strategies, retain major
customers and meet the required technical and performance
specifications of our products in a timely manner or at all, the
cyclical nature of the markets in which we operate, changes in our
customers' volume requirements, our inability to compete
successfully in the competitive and rapidly changing marketplace in
which we operate, deterioration in global economic conditions,
diminished growth in the volume of digital information, patent
infringement claims and our inability to protect our intellectual
property and the impact of natural disasters. These risks and other
factors include those listed under "Risk Factors" and elsewhere in
our Annual Report on Form 20-F as filed with the Securities and
Exchange Commission (File No. 001-35766). In some cases, you can
identify forward-looking statements by terminology such as "may,"
"will," "should," "expects," "intends," "plans," "anticipates,"
"believes," "estimates," "predicts," "projects," "potential,"
"continue," or the negative of these terms or other comparable
terminology. Although we believe that the expectations reflected in
the forward-looking statements are reasonable, we cannot guarantee
future results, levels of activity, performance or
achievements.
About Xyratex
Xyratex is a leading provider of data storage technology,
including modular solutions for the enterprise data storage
industry, and hard disk drive (HDD) capital equipment for the HDD
industry. Xyratex enterprise data storage platforms provide a range
of advanced, scalable data storage solutions for the Original
Equipment Manufacturer and High Performance Computing communities.
As the largest capital equipment supplier to the HDD industry,
Xyratex enables disk drive manufacturers and their component
suppliers to meet today's technology and productivity requirements.
Xyratex has over 25 years of experience in research and development
relating to disk drives, storage systems and manufacturing process
technology.
Founded in 1994 in an MBO from IBM, and with headquarters in the
UK, Xyratex has an established global base with R&D and
operational facilities in North
America, Asia and
Europe.
SOURCE Xyratex Ltd