Sphere 3D Received Non-Binding Expression of Interest for Purchase of Assets

Sphere 3D Corp., a containerization, virtualization and data management solutions provider, and parent company of Overland Storage and Tandberg Data, provided an update on certain aspects of its business at the annual and special meeting of shareholders.

“The company has seen a number of positive signals around its business and remains focused on driving the adoption of our vertically integrated portfolio of hybrid cloud, cloud, and on-premise solutions,” said Eric Kelly, chairman and CEO. “Our focus on operational efficiencies, profitability, increased liquidity and continuing to advance key corporate initiatives will provide the catalyst needed to achieve our business goals.”

Corporate Update

• Continued improvements in operational efficiencies are expected to result in a minimum of $4 million in additional savings per annum.
• Has received a formal, non-binding expression of interest for the purchase of certain of its assets from an arm’s-length third party and is exploring this as well as other options to increase shareholder value;
• Is currently in late stage discussions with a number of financial institutions in order to seek access to additional capital.
• Continues to see strong demand for its hardware and software products, and is pursuing large scale contracts which, if concluded, would significant alter the scale of its business.