Crossroads Files Registration Statement for Proposed Offering

Crossroads Systems, Inc. announced the filing of a Registration Statement on Form S-1 with the SEC in connection with a proposed public offering, on a best-efforts basis, of up to $12,000,000 aggregate amount of Series H Cumulative Perpetual Preferred Stock, liquidation preference of $25.00 per share, and warrants to purchase its Common Stock.

Crossroads has filed an application to list the Series H Cumulative Perpetual Preferred Stock on the Nasdaq Capital Market under the symbol CRDSH.

The principal purpose of the offering is to enable Crossroads to continue to fund the monetization of its intellectual property portfolio, including the costs of ongoing litigation and other proceedings.

Crossroads may also use a portion of the net proceeds to enhance liquidity and operational flexibility, including repaying all or a portion of its existing indebtedness and certain other obligations under its credit agreement with an affiliate of Fortress Investment Group LLC.

Northland Capital Markets is acting as the book-running manager for the proposed offering on a best-efforts basis.