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EXHIBIT 99
STORAGE COMPUTER COMPLETES CYBERSTORAGE SYSTEMS ACQUISITION
MERGER TO ENABLE STORAGE COMPUTER CORPORATION TO CREATE NEW OPPORTUNITIES WITH
THE COMBINED STORAGE COMPUTER/CYBERSTORAGE SYSTEMS PRODUCT LINES
NASHUA, N.H.--(BUSINESS WIRE)--Sept. 14, 2000-- Storage Computer Corporation
(AMEX:SOS), a leading worldwide provider of high-performance storage, today
announced that it has completed the acquisition of CyberStorage Systems
Corporation, in exchange for 2,200,000 shares of the company's common stock. In
connection with the closing, John Thonet, Chief Executive Officer and Chairman
of the Board of Directors of Cyber Storage, was named Executive Vice President
and Chief Operating Officer of Storage Computer Corporation, and was also named
to Storage Computer Corporation's Board of Directors. Other terms of the
transaction were not disclosed.
Chairman and CEO of Storage Computer, Ted Goodlander commented, "The
Company is excited about the synergies that this merger has created, enabling us
to extend, accelerate and improve our product line capabilities to our
customers, immediately. Additionally, we are also acquiring several loyal
customer relationships that CyberStorage has developed. Most importantly, we are
attaining the services of the extremely talented personnel of CyberStorage. This
match has made great sense for both companies to move forward in addressing the
high bandwidth and high performance requirements of the customers in today's
storage solution marketplace. Together, our combined companies should be able to
offer "best of breed" products, in several emerging storage market areas."
Edward Gardner, President of Storage Computer Corporation stated, "The
combined operations create a company with many talented individuals having vast
and varying experience in the high technology arena. This combined talent and
experience in the newly formed organization should dramatically increase the
Company's ability to capitalize on its business opportunities, to react quickly
to changing market conditions, and to retain its focus in carrying out its
objective of building a profitable core business." According to John Thonet,
"The merger will enable the combined companies to capitalize on, and effectively
penetrate several major market opportunities, presently available to us. Going
forward, the dynamics and potential capability of a merged product, which would
include many of the features of Storage Computer's comprehensive storage
operating system ("SOS") software solutions and CyberStorage's CyberBorg high
bandwidth storage solutions, is exciting to us and should enable us to
complement our leadership in performance with an expansive, new robustness, to
leapfrog the offerings of all vendors in the storage arena. As such, both
companies are looking forward to the working together on the opportunities that
the merged company creates in becoming the technology and market leader for
emerging storage solutions."
About Storage Computer
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Storage Computer Corporation develops and manufactures software-driven
multi-host storage solutions used to drive core business applications. Storage
Computer solves its customer's business problems through its StorageSuite(TM)
product line and patented OmniRAID and OmniFORCE storage software. Storage
Computer Corporation is a publicly held company traded on the American Stock
Exchange under the symbol SOS. The Company's worldwide headquarters are in
Nashua, New Hampshire, with subsidiaries and distribution in over 30 countries.
Company information may be found on the World Wide Web at www.storage.com.
The Private Securities Litigation Reform Act of 1995 contains certain safe
harbors regarding forward-looking statements. From time to time, information
provided by the Company or statements made by its directors, officers or
employees may contain `forward-looking' information, which involve risk and
uncertainties. Any statements in this report that are not statements of
historical fact are forward-looking statements (including, but not limited to,
statements concerning the characteristics and the growth of the Company's market
and customers, the Company's objectives and plans for future operations,
possible acquisitions and the Company's expected liquidity and capital
resources, and the possible outcome of litigation. Such forward-looking
statements are based on a number of assumptions and involve a number of risks
and uncertainties, and accordingly, actual results could differ materially.
Factors that may cause such differences include, but are not limited to: the
continued and future acceptance of the Company's products and services, the rate
of growth in the industries of the Company's customers; the presence of
competitors with greater technical, marketing and financial resources; the
Company's ability to promptly and effectively respond to technological change
which meets evolving customer needs; capacity and supply constraints or
difficulties; and the Company's ability to successfully integrate new
operations. Storage Computer and RAID 7 are registered trademarks; and OmniRAID
Server, OmniRAID SuperServer, and OmniForce are trademarks of Storage Computer
Corporation. All other trademarks and registered trademarks are the properties
of their respective holders.
CONTACT:
Director, Investor Relations
Storage Computer Corporation
(603) 880-3005 ext. 303
[email protected]
or
Rob Morton
PAN Communications, Inc.
(978) 474-1900
[email protected]
