Digitiliti Elects New Chairman, Approves Debt Restructure Plan
December 08 2008 - 5:30AM
Business Wire
Digitiliti, Inc. (Pink Sheets:DIGI), a rapidly growing company that
provides market changing on-line data management solutions to
enterprise class businesses, elected a new Chairman to the Board of
Directors on December 2, 2008. Roy A. Bauer replaced Brad D.
Wenzel, who tendered his resignation as Chairman. Mr. Wenzel
remains on the Board as a director. In a letter to Shareholders
dated December 05, 2008, Digitiliti (www.digitiliti.com) announced
a debt restructuring plan to be proposed to its 12% convertible
note holders. The plan offers incentives to note holders to either
convert their existing convertible notes or extend the term of
their existing notes. Additional information is contained in the
Company�s 8-K Current Report that has been filed with the
Securities and Exchange Commission. The Company has also been
aggressively taking steps to reduce overall operating costs and is
pursuing strategic alternatives to raise additional capital. About
Digitiliti: Digitiliti, based in St. Paul, Minnesota, is a pioneer
and technology leader in the on-line data management business.
Digitiliti�s fast growth results from its focus on providing
SMB/SME companies with easy to use enterprise class features
including rapid file restoration, comprehensive file management for
compliance and off-site data protection. Forward Looking
Statements: This release contains forward-looking statement. Actual
results may differ from those projected due to a number of risks
and uncertainties, including, but not limited to the possibility
that some or all of the pending matters and transactions considered
by the Company may not proceed as contemplated. These statements
are made based upon current expectations that are subject to risk
and uncertainty. The Company does not undertake to update
forward-looking statements in this news release to reflect actual
results, changes in assumptions or changes in other factors
affecting such forward-looking information. Further discussion of
risk factors can be found in the Company�s Form 10 Registration
Statement filed with the Securities & Exchange Commission, in
Item 1A, at http://www.sec.gov.
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