Overland Storage Announces Expansion of Share Repurchase Program
October 17 2005 - 7:30AM
PR Newswire (US)
SAN DIEGO, Oct. 17 /PRNewswire-FirstCall/ -- Overland Storage, Inc.
(NASDAQ:OVRL) today announced that its board of directors has
expanded the company's share repurchase program. Previously, the
board had authorized the repurchase of up to $10 million of the
company's outstanding common stock. As a result of the expansion,
the company is now authorized to repurchase up to 2.5 million
shares of its common stock without a maximum dollar limit. To date,
the company has repurchased a total of 92,000 shares of its common
stock under the program and has approximately 14.3 million shares
of its common stock outstanding. "The board of directors believes
that the current share price of Overland common stock does not
reflect the intrinsic value of the company. Management and the
board are committed to executing the company's strategy to increase
shareholder value and see an opportunity to use some of our cash
balances to buy back shares for the benefit of our long-term
shareholders," said Christopher Calisi, Overland's president and
chief executive officer. Under the Overland share repurchase
program, purchases may be made from time to time in the open
market, through block trades or otherwise, or in privately
negotiated transactions. Depending on market conditions and other
factors, at any time or from time to time without prior notice the
board may modify the program or commence or suspend purchases.
There is no fixed termination date for the repurchase program.
About Overland Storage, Inc. Now in its 25th year, Overland Storage
is a market leader and innovative provider of simply protected
storage solutions -- smart data protection appliances and software
modules designed to work together, affordably, to ensure that
information is automatically safe, readily available and always
there. Overland's award-winning data protection solutions include
the REO SERIES(TM) of disk-based backup and recovery appliances and
the NEO SERIES(TM) of tape libraries. Overland sells its products
through leading OEMs, commercial distributors, storage integrators
and value-added resellers. For more information, visit Overland's
web site at http://www.overlandstorage.com/. Except for the factual
statements made herein, the information contained in this news
release consists of forward-looking statements that involve risks,
uncertainties and assumptions that are difficult to predict. Such
forward-looking statements are not guarantees of performance and
the company's actual results could differ materially from those
contained in such statements. Factors that could cause or
contribute to such differences include risks and uncertainties
associated with the company's strategy in the primary and secondary
intelligent disk-based appliance market; market acceptance of the
company's next generation tape library platform; the timing and
market acceptance of new product introductions by competitors; the
speed at which HP transitions from the products it currently buys
from the company to its next-generation products to be purchased
from another vendor; delays, unbudgeted expenses, inefficiencies
and production problems; worldwide information technology spending
levels; unexpected shortages of critical components; rescheduling
or cancellation of customer orders; loss of a major customer; the
timing and amount of licensing royalties; general competition and
price pressures in the marketplace; the company's ability to
control costs and expenses; and general economic conditions.
Reference is also made to other factors set forth in the company's
filings with the Securities and Exchange Commission, including the
"Risk Factors," "Management's Discussion and Analysis" and other
sections of the company's Form 10-K for the most recently completed
fiscal year. These forward-looking statements speak only as of the
date of this release and the company undertakes no obligation to
publicly update any forward-looking statements to reflect new
information, events or circumstances after the date of this
release. Overland, Overland Storage, REO SERIES and NEO SERIES are
trademarks of Overland Storage, Inc. DATASOURCE: Overland Storage,
Inc. CONTACT: Vernon A. LoForti, CFO, , or Cynthia A. Bond,
Director of Corporate Communications, , both of Overland Storage,
Inc., +1-858-571-5555 Web site: http://www.overlandstorage.com/
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