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Exhibit 99.1
FOR IMMEDIATE RELEASE
EDITORIAL CONTACTS: INVESTOR RELATIONS CONTACT:
Kellie DiNaro Rosie Sundell
Gadzoox Networks Gadzoox Networks
408-361-6229 408-360-6011
[email protected] [email protected]
Elisabeth Monaghan
The Hoffman Agency
720-904-3790
[email protected]
GADZOOX NETWORKS HOLDS ANNUAL SHAREHOLDERS MEETING
SAN JOSE, CALIF.--(PR NEWSWIRE)--Oct. 27, 2000--Gadzoox Networks, Inc.
(Nasdaq:ZOOX) a provider of intelligent storage area network (SAN) products,
held its annual Meeting of Stockholders in San Jose, California today.
At the meeting, Michael Parides, Gadzoox Networks President and CEO, reviewed
results of the second quarter of fiscal 2001, including previously announced
strategic partnerships and the hiring of new executive management. Parides also
confirmed guidance of 25% quarter over quarter revenue growth, beginning in the
fourth quarter of fiscal 2001, as discussed during the Company's earnings
conference call on October 23, 2000.
The meeting of Stockholders included the re-election of Michael Parides to the
Company's Board of Directors and the appointment of Arthur Anderson LLP as
independent auditors of the Company for fiscal year ending March 31, 2001. Peter
Morris, a former Gadzoox Networks board member, declined to stand for
re-election due to other professional obligations.
"The Board of Directors is committed to the success of Gadzoox Networks," said
Milton Chang, Chairman of New Focus, Inc., and a Gadzoox Networks Board member.
"The SAN market continues to grow rapidly, with amazing potential in the future.
Gadzoox Networks' technology, products, and long-term strategy are positioning
the Company for success."
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ABOUT GADZOOX NETWORKS
Gadzoox Networks, Inc. (NASDAQ: ZOOX) provides networking solutions for
enterprise storage with scalable, managed SAN solutions based on Gadzoox
Networks' Fibre Channel switches, routers, storage pooling, hubs and management
products. Serving as modular building blocks, Gadzoox Networks' products are
designed to address the growth in enterprise data through the evolving
capabilities of SANs. Gadzoox Networks is an ISO 9001 certified company. Gadzoox
Networks corporate headquarters is located at 5850 Hellyer Ave., San Jose,
Calif., 95138. For more information, visit the company's web site at
www.gadzoox.com or call 888.423.3222.
The statements in this news release relating to future events or predictions
such as those relating to the development of the SAN market and the Company's
future revenue growth, involve known and unknown risks and uncertainties which
may cause Gadzoox' actual results in future periods to be materially different
from any performance suggested in this release. Such factors include, but may
not necessarily be limited to, fluctuations in customer demand, both in timing
and in volume, the fact that the SAN market is new and evolving, the Company's
dependence on a limited number of products, a significant portion of which are
sold to a limited number of partners including OEM and distribution channel
partners, the ability or willingness of our partners to sell our products,
market acceptance of new products, in particular the Capellix line of products,
and the timing of such acceptance, the Company's dependence on its contract
manufacturer, competition in the Company's industry and the timing of new
technology. In the context of forward looking information provided in this news
release, reference is made to the discussion of risk factors detailed in the
Company's Quarterly Report on Form 10-Q for the fiscal year ended September 30,
2000, as well as subsequent filings. Gadzoox undertakes no obligations to
publicly release the results of any revisions to these forward-looking
statements.
