<PAGE> 1
================================================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
------------------
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
------------------
Date of Report (Date of earliest event reported): April 17, 2000
-------------------
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
================================================================================
<PAGE> 2
ITEM 5. OTHER EVENTS.
On April 18, 2000, Tricord Systems, Inc. (the "Company") announced that
it has closed a $26 million capital investment in the Company through a private
placement. 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 April 18, 2000.
<PAGE> 3
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: April 21, 2000 By /s/ John J. Mitcham
-------------------
John J. Mitcham
Chairman and Co-Chief Executive Officer
2
<PAGE> 4
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
Exhibit Item Method of Filing
- ------- ---- ----------------
<S> <C> <C>
99.1 Press Release dated April 18, 2000...... Filed herewith electronically
</TABLE>
<PAGE> 1
TRICORD SYSTEMS, INC. SECURES $26 MILLION OF INSTITUTIONAL FUNDING
MINNEAPOLIS, April 18, 2000 -- Tricord Systems, Inc. (Nasdaq: TRCD) announced
today that it has closed a $26 million capital investment in the company through
a Private Placement of 3,250,000 shares of Common Stock. This financing was
managed by Wit SoundView and institutions participating included Oppenheimer
Funds and The Abernathy Group. This equity infusion will be used to launch a new
line of server appliances.
"We are very pleased to have additional capital from such a prominent group of
investors," said John Mitcham, co-CEO of Tricord Systems. Added co-CEO Rod
Canion, "Tricord is now poised to bring to market storage-based products that
enable an unprecedented level of scalability to meet the demands of Internet and
e-commerce companies."
Tricord is focused on bringing to market a line of products in the category that
International Data Corporation (IDC) describes as appliance servers, commonly
referred to as server appliances. The initial products will be focused on
Linux-based Network-Attached Storage (NAS) incorporating Tricord's breakthrough
software technology. "We believe our solutions will have a strong appeal to
customers whose storage requirements are growing rapidly and who need to easily
manage and grow storage without downtime," said Joan Wrabetz, Tricord President
and COO.
"In today's Internet-driven, e-commerce markets, companies need storage
solutions that can grow very fast at a very low cost to meet their demands,"
said Robert Gray, Research Director of Storage Systems for IDC. "Tricord's
breakthrough approach has the potential to revolutionize the economics of
storage by allowing customers to easily scale storage without downtime and with
significantly reduced management costs,"
Tricord expects to provide more information about its revolutionary products in
the coming months through further announcements.
ABOUT TRICORD SYSTEMS
Tricord Systems, Inc. develops server and storage appliances for the
ISP/ASP/SSP, applications and general file serving market places. Tricord's
products are based on its revolutionary storage management software, which
enables seamlessly scalable storage. Founded in 1986, Tricord is based in
Plymouth, MN USA. For general information about Tricord, visit the company's web
site 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 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 that
could impact the
<PAGE> 2
Company's future results include, without limitation, the ability of Tricord to
complete development and release commercially its storage system products, the
ability to enter into OEM relationships or otherwise develop distribution
capabilities, the market acceptance of Tricord-enabled products, the ability of
the Company to raise additional capital if needed and 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 10K for fiscal 1999.
For more information, please contact:
MEDIA CONTACT: FINANCIAL CONTACT:
Elizabeth Hersey John Gribi
Marketing Communications and Chief Financial Officer
Public Relations Manager 612 551-6402
763-551-6609
[email protected]
