nStor Completes Sale of Stonehouse Technologies to a Subsidiary of Symphony Service Corp. for $6.7 Million
12 Novembro 2004 - 7:33PM
PR Newswire (US)
nStor Completes Sale of Stonehouse Technologies to a Subsidiary of
Symphony Service Corp. for $6.7 Million Sale of Telemanagement
Subsidiary Reinforces Corporate Focus on Storage-Intensive Business
Solutions CARLSBAD, Calif., Nov. 12 /PRNewswire-FirstCall/ -- nStor
Technologies, Inc. (AMEX:NSO), an innovative developer of
storage-network solutions, today announced the completion of the
sale of its telemanagement subsidiary, Stonehouse Technologies,
Inc., to a wholly owned subsidiary of Symphony Service Corp. With
the completion of the transaction and formal approval at a special
meeting of the company's shareholders today, nStor received $5.6
million in cash and an additional $1.1 million in promissory notes
for a total sales price of $6.7 million. The amount of the
promissory notes may be reduced due to certain post-closing
adjustments. The Company expects to report a loss of approximately
$2.5 million from the Stonehouse discontinued operations in the
third quarter. Plans for the net proceeds from the sale, estimated
to be approximately $5 million in cash, are under review by nStor's
board of directors and include investment in R&D initiatives,
sales and marketing, as well as the opportunity to pay down a
portion of nStor's outstanding debt to strengthen the Company's
financial position. According to Todd Gresham, nStor's president
and CEO, the sale of the Stonehouse subsidiary reinforces the
company's commitment to its core storage business. "This cash
infusion provides immediate capital to grow the business and focus
on emerging opportunities in the small to mid-sized storage
market," he stated. "This transaction further demonstrates nStor's
commitment to our customers and shareholders." About Symphony
Service Corp. Symphony Service Corp. is a 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 Service drives success for high-impact
outsourcing initiatives. Symphony Service 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
Service is headquartered in Palo Alto, CA, with locations in
Bangalore, India, Nashville, TN and Waltham, MA. For more
information on Symphony Service, please visit its Web site at
http://www.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 an
impressive client base, 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
Technologies, Inc. Headquartered in Carlsbad, Calif., nStor
Technologies, Inc. (AMEX:NSO) is an innovative 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, 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 and systems integrators. For more
information, visit http://www.nstor.com/. 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:
Veena Raman of nStor Technologies, Inc., +1-760-683-2500, Web site:
http://www.symphonysv.com/ http://www.nstor.com/
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