History (1995): Legacy Storage Systems International to Buy Parts of Rexon

In the wake of Rexon’s (St. PeterSburg, FL) Chapter XI proceedings, Legacy Storage Systems International (Toronto, ONT, Canada) and the management of Rexon have committed to provide financing of $2 million for an aggregate of $4 million to Rexon, subject to approval by the US Bankruptcy Court for the District of Colorado.

Financing is subject to a number of conditions, including the stipulation that Rexon use its best efforts to reach an agreement with Legacy to expedite the sale of virtually all of Rexon’s assets to Legacy.

Rexon’s sales for the 9 months ended in July were $130 million. The company manufactures and distributes QIC tape cartridge drives under the Wantek brand name, as well as DAT units under the Wang DAT label and Tecmar tape backup solutions.

Legacy specializes in storage subsystems.

This article is an abstract of news published on the former paper version of Computer Data Storage Newsletter on issue 94, published on November 1995.

Note: In 1996, Legacy Storage Systems International was looking for a buyer for its Vast network storage server business.