Friday, March 18, 2011

Overland Storage Appoints Martin Lynch as Vice President of Operations

Overland Storage  announced the appointment of Martin Lynch as vice president of operations. In this position, Lynch will be responsible for the company's strategic and tactical global business operations, including managing end-to-end supply chain and quality for the company.

"We are very pleased to welcome Martin to the Overland executive team to lead the company's global business operations," said Eric Kelly, CEO, Overland Storage. "With over 20 years of experience and a strong background in engineering, Martin will be a great asset as we continue to pursue not only aggressive operating efficiencies but as we develop a product road map that delivers continued value for our customers."

Overland Storage Product lines include both tape and disk solutions such as the SnapServer NAS Solutions, NEO Tape Libraries, and Overland REO VTL products.  The Snap Server brand has seen much success with the recent launch of the SnapServer N2000 NAS a 12 bay 24TB solution with expansion capabilities by adding additional N2000 units or up to 7 E2000 24TB each JBODs.

Previously, Lynch served as executive vice president of operations for 2Wire, Inc., where he built the company's operations department from the ground up. In this role, Lynch was responsible for the company's worldwide supply chain, manufacturing, business operations and end-to-end product life cycle as well as new product introduction. Prior to that, Lynch held several executive operations and engineering roles at enterprise and consumer technology companies, including Cornice Inc., Maxtor Corporation, Coulter Corporation and others. Lynch received a bachelor's degree in electrical engineering from Boston University and holds several patents in disk drive channel optimization code.

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Wednesday, March 16, 2011

Overland Storage Announces Successful Private Placement Financing

Overland Storage has signed definitive agreements for a private placement of 8,722,904 shares of Common Stock of the Company and Warrants to purchase up to 3,838,069 shares of Common Stock for a gross purchase price of approximately $15.4 million on March 16, 2011. The purchase price for one share of Common Stock and a Warrant to purchase 0.44 shares of Common Stock is $1.765. The Warrants will have an exercise price of $1.71 per share, will expire March 21, 2016 and are exercisable in whole or in part, at any time prior to expiration. The transaction is anticipated to close on March 21, 2011 subject to customary closing conditions. The Company intends to use the proceeds from the offering for general corporate purposes and working capital, including the funding of product development and sales and marketing expansion, as well as the repayment of certain indebtedness. Overland will continue to expand upon their award winning brands - SnapServer NAS, SnapSAN, Overland Storage NEO Autoloaders and REO VTL lines.

Clinton Group, Inc. has agreed to lead the private placement.
"We are pleased to formally begin our partnership with Eric Kelly and the Overland Storage management team," said Joseph A. De Perio, a portfolio manager of Clinton Group, Inc. "We believe this capital raise provides Overland Storage with a substantial runway to achieve its operational and financial goals and positions the company well for long-term growth and profitability," said De Perio. As part of the transaction, Mr. De Perio has agreed to join the board of directors.
"This additional capital will allow us to accelerate our product development efforts and continue our investment in the sales and marketing resources required to fuel growth of our products in our worldwide channel," said Eric Kelly, President and CEO of Overland Storage. "In addition, the board and I are pleased to welcome Joseph De Perio to the board of directors. Joe's experience, along with Clinton Group's financial commitment, will be invaluable as we continue to drive the business forward and seek to execute on our strategic plan."

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