Sphere 3D (ANY) Offers Corporate Update

September 13, 2016 1:29 PM EDT
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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.

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