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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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Date of Report (Date of earliest event reported): July 26, 1999
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TRICORD SYSTEMS, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-21366 41-1590621
(State of or other jurisdiction of (Commission (I.R.S. Employer
incorporation) File Number) Identification No.)
2905 Northwest Boulevard, Suite 20,
Plymouth, Minnesota 55441
(Address of principal executive offices) (zip code)
Registrant's telephone number, including area code: (612) 557-9005
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ITEM 5. OTHER EVENTS.
On July 26, 1999, Tricord Systems, Inc. (the "Company") announced that
it has closed a round of financing raising $2.1 million in a private placement
and added a veteran technology chief financial officer to the management team.
Additional information is set forth in the press release included as an exhibit
to this Report, the text of which is incorporated by reference herein.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) FINANCIAL STATEMENTS OF BUSINESSES ACQUIRED.
Not applicable.
(b) PRO FORMA FINANCIAL INFORMATION.
Not applicable.
(c) EXHIBITS.
99.1 - Press Release dated July 26, 1999.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
TRICORD SYSTEMS, INC.
Dated: August 4, 1999 By /s/ John J. Mitcham
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John J. Mitcham
Chairman and Co-Chief Executive Officer
2
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INDEX TO EXHIBITS
Exhibit Item Method of Filing
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99.1 Press Release dated July 26, 1999..... Filed herewith electronically
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TRICORD SYSTEMS ANNOUNCES $2.1 MILLION PRIVATE PLACEMENT, APPOINTMENT OF
FORMER COMPAQ EXECUTIVE JOHN GRIBI AS CFO
PLYMOUTH, Minn.--July 26, 1999--Tricord Systems, Inc. today announced that the
company has closed a round of financing raising $2.1 million in a private
placement and added a veteran technology chief financial officer to the
management team.
"The actions today make us financially and operationally stronger," said Rod
Canion, who was named co-CEO of Tricord on May 14. "We are continuing to focus
our energies on the ongoing development of our storage management software."
Under terms of the $2.1 million private placement, the company will issue
840,000 shares of restricted unregistered common stock ($0.01 par value) at
$2.50 per share to a group of investors, including Compaq co-founder Jim Harris,
whose $1 million investment is the largest among the group. Investors in the
private placement are restricted from selling the stock for a period of at least
one year under Rule 144 of the Securities Act.
Tricord raised $3 million in a private placement completed last December. Prior
to this $2.1 million investment, the company's cash position at the end of the
second quarter was $3.26 million.
"It was important that we put the appropriate level of capital in place for the
company, but it was equally critical that we continue to build a management team
capable of executing our strategy," said co-CEO John Mitcham. "With that in
mind, we are very fortunate to add John Gribi to our executive team as Chief
Financial Officer."
Gribi, the 15th employee to join Compaq Computer Corporation in 1982, served as
CFO for the company and was responsible for development of the company's
financial systems infrastructure, cost controls and the raising of public and
private capital to fund the company's explosive growth.
Tricord Systems, Inc. is a developer of innovative storage technologies for
customers seeking convenient, cost-effective solutions for data storage
management. Tricord solutions are based on Tricord Storage Management Software
(TSMS) -- high performance software that makes storage a shared network resource
and is optimized for both current and emerging storage architectures.
Tricord is based in Plymouth. For more information, please call 1-800-TRICORD or
612/557-9005, or visit us at www.tricord.com.
"Safe-Harbor" Statement Under Private Securities Act of 1995: The statements
contained herein that are not historical facts contain forward-looking
information with respect to plans, projections or future performance of the
company. There is no guarantee or
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assurance that these plans, projections or future performance of the company as
indicated will be achieved, and actual results could differ materially. Factors,
certain risks and uncertainties which could impact the company's future results
include, without limitation, the ability of Tricord to complete development and
release commercially its storage management software products, the ability of
Tricord to sign OEM partners, market acceptance of Tricord-enabled products, the
ability of the company to maintain its cost structure in accordance with its
operating plan, and other risks and uncertainties detailed in the company's
filings with the Securities and Exchange Commission, including the company's
Form 10-K for fiscal 1998.
Note to Editors: Tricord, Tricord Storage Management Software and Network
Storage Made Simple are all trademarks, registered trademarks, or service marks
of Tricord Systems, Inc. All other names mentioned are trademarks, registered
trademarks, or service marks of their respective companies.
Contact:
Tricord Systems, Inc., Plymouth
John Gribi, 612/551-6402 (Financial Contact)
or
Brookwoods Media Group, Inc., Houston
John Sweney, 713/688-2841 (Media Contact)
