nStor to Receive Cash Infusion Through Sale of Telemanagement Subsidiary
16 Setembro 2004 - 12:15PM
PR Newswire (US)
nStor to Receive Cash Infusion Through Sale of Telemanagement
Subsidiary Transaction Reinforces nStor's Focus on Data Storage
Systems Business CARLSBAD, Calif., Sept. 16 /PRNewswire-FirstCall/
-- nStor Technologies, Inc. (AMEX:NSO), an innovative developer of
storage-network solutions, today announced that it has entered into
a definitive agreement to sell its telemanagement subsidiary,
Stonehouse Technologies, to Symphony Services Corporation, a
leading provider of technology-based outsourcing services. The
transaction is expected to close in the fourth quarter of this
year. The total purchase price payable to nStor of approximately
$6.7 million consists of $5.6 million in cash and $1.1 million in
promissory notes. The amount of the promissory notes may be reduced
due to certain closing and other adjustments. After transaction
costs, the Company expects to realize in excess of $5 million in
net cash proceeds. The present management team of Stonehouse will
remain in place after the closing. Proceeds from the sale will be
used to fund nStor's storage-network solutions R&D initiatives,
sales and marketing, and to strengthen the Company's balance sheet.
According to Todd Gresham, nStor president and CEO, the transaction
provides the company with sufficient working capital to meet key
milestones and fuel its strategy to deliver cost-effective,
straightforward storage solutions to small-to-mid-sized
organizations. Gresham further stated, "The sale fits perfectly
into our plans to provide the company with the liquidity that
enables us to accelerate our sales and product development efforts
while promoting the best interests of our customers and
shareholders." Completion of the transaction is subject to approval
by nStor stockholders and certain closing conditions. Current
stockholders who own shares of nStor's common stock representing
approximately 59% of its outstanding common stock have executed
proxies in favor of the transaction. Upon closing, the Company
expects to report a loss of approximately $2.3 million from
discontinued operations as a result of the sale of Stonehouse.
About Symphony Services Corp. Symphony Services is the global
business services outsourcing partner that assures results and
time-to-market for its clients. By combining its intellectual
property, such as proprietary software and content, with unmatched
expertise in commercial software development, large volume data
management and advanced analytics, Symphony drives success for
high-impact outsourcing initiatives. Symphony Services is made up
of three business groups: the Commercial Software Group (CSG),
which provides increased productivity and faster time-to-market for
commercial-grade software products and solutions; the Cost
Management Group (CMG), which helps companies monitor, manage and
minimize indirect spend; and the Demand Analytics Group (DAG),
which enables clients to better understand market trends, creating
new revenue opportunities and reducing customer churn. Symphony
Services is headquartered in Palo Alto, CA, with locations in
Bangalore, India, Nashville, TN and Waltham, MA. For more
information on Symphony Services, please visit its Web site at
http://symphonysv.com/, or call (650) 935-9500. About Stonehouse
Technologies, Inc. Founded in 1978, STI is the premier provider of
software and services for total telecommunication management
solutions that help enterprises manage and control
telecommunications expenses, assets, and processes
("Telemanagement"). STI provides these solutions for some of the
largest enterprises in the nation. STI's strong focus on
implementation of best practices and process automation, such as
accurate charge-back methodologies and invoice reconciliation; as
well its integrated approach to Telemanagement has attracted the
most impressive client base in the industry, 75% of which are
Fortune 500 companies. STI's solutions enable enterprises to manage
voice, data and wireless services by providing a systematic
approach to automating order processing, monitoring expenses,
managing vendor invoices, tracking inventory of assets, providing
ongoing invoice reconciliation, and accurately allocating costs to
internal cost centers. STI's solutions include a suite of modular
applications and services with multiple delivery options, such as
on-site installation, or in an ASP or managed services environment.
Clients realize proven benefits of significant cost savings,
increased management control, and productivity improvements. STI is
headquartered in Dallas, Texas and maintains regional offices. For
more information about Stonehouse products and services, visit the
company's Web site at http://www.stonehouse.com/. About nStor
Corporation, Inc. Headquartered in Carlsbad, Calif., nStor is a
wholly owned subsidiary of nStor Technologies, Inc. (AMEX:NSO) and
developer of data storage solutions that are ideally suited for
both large enterprises as well as small to mid-sized businesses.
The Company's flagship controller technology and StorView software
form the foundation for the NexStor family of turnkey solutions
that support Microsoft Windows, Linux, UNIX and Macintosh operating
environments. Designed for storage-intensive environments and
mission-critical applications, nStor's products are offered in
various architectures including Fibre Channel, Fibre-to-SCSI, SCSI
and SATA and are focused on addressing customers' business needs
and applications. The Company markets its storage solutions through
a global network of OEM partners, resellers and systems
integrators. For more information, visit http://www.nstor.com/.
nStor will file a proxy statement and other documents regarding the
proposed sale described in this press release with the Securities
and Exchange Commission. nStor stockholders are urged to read the
proxy statement when it becomes available, because it will contain
important information. A definitive proxy statement will be sent to
stockholders of nStor seeking their approval of the transaction.
Investors and security holders may obtain a copy of the proxy
statement (when it is available) and any other relevant documents
filed by nStor with the SEC for free at the SEC's web site,
http://www.sec.gov/ and at the Investor Relations page of nStor's
web site, http://www.nstor.com/. Copies of the proxy statement and
other documents filed by nStor with the SEC may also be obtained
free of cost by directing a request to Secretary, nStor
Technologies, Inc.; 1601 Forum Place, Suite 500; West Palm Beach,
FL 33401; (561) 640-3145. nStor and its directors, executive
officers and certain of its employees may be deemed to be
participants in the solicitation of proxies of nStor stockholders
in connection with the proposed transaction. Such individuals may
have interests in the transaction, including as a result of holding
options or shares of nStor common stock. A detailed list of the
names, affiliations and interests of the participants in the
solicitation will be contained in the proxy statement that will be
filed with the SEC. This press release includes statements that may
constitute "forward-looking" statements, usually containing the
words "believe," "estimated," "project," "expect," "anticipate," or
similar expressions. These statements are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements inherently involve risks and
uncertainties that could cause actual results to differ materially
from the forward-looking statements. Factors that would cause or
contribute to such differences include, but are not limited to, the
Company's inability to increase sales to current customers and to
expand its customer base, continued acceptance of the Company's
products in the marketplace, the Company's inability to improve the
gross margin on its products, competitive factors, dependence upon
third-party vendors, outcome of litigation, insufficient funding
and other risks detailed in the Company's periodic report filings
with the Securities and Exchange Commission. By making these
forward-looking statements, the Company undertakes no obligation to
update these statements for revisions or changes after the date of
this release. nStor and StorView are registered trademarks of nStor
Technologies, Inc. DATASOURCE: nStor Technologies, Inc. CONTACT:
Jack Jaiven, Vice President/Treasurer of nStor Technologies, Inc.,
+1-760-683-2500 Web site: http://symphonysv.com/
http://www.stonehouse.com/ http://www.nstor.com/
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