Rock & Roll Hall of Fame Annex NYC Receives InfoWorld’s Highest Honor

Overland Storage, Inc. oday announced that esteemed customer, the Rock & Roll Hall of Fame Annex NYC, has received a prestigious IDG InfoWorld 100 award for its high-availability video surveillance solution featuring Overland’s scalable SnapServer® 620 network-attached storage (NAS). Each year, the InfoWorld 100 Awards celebrate 100 IT organizations that have implemented and integrated technologies in innovative ways in pursuit of concrete business goals.

The Rock & Roll Hall of Fame Annex NYC is an experiential, technologically advanced exhibition that focuses on the greatest moments in rock history. As an adjunct location to the Cleveland-based Rock and Roll Hall of Fame and Museum, the New York venue features state-of-the-art galleries with special lighting and sound to simulate a rock concert experience. To protect priceless pieces of music history, the Rock & Roll Hall of Fame Annex NYC invested in a leading-edge video surveillance solution featuring 48 high-resolution IP network cameras from Mobotix Vision Systems integrated with Overland’s scalable, high-performance SnapServer NAS.

“This year’s recipients of the InfoWorld’s highest honor are shining examples of IT projects undertaken by tech leaders committed to pushing their organizations forward,” said Jason Snyder, features editor, Infoworld.

According to David Waggett, general manager of the Rock & Roll Hall of Fame Annex NYC, the unified security and storage solution ensures the highest levels of safety for visitors as well as an extra measure of protection for irreplaceable artifacts. “We are extremely pleased to be recognized by InfoWorld for our efforts to preserve valuable pieces of rock & roll history,” he said. “Security was of paramount importance, so we partnered with Overland Storage and Mobotix to deploy a state-of-the-art video surveillance solution that monitors activity throughout our 25,000 square-foot facility while retaining data-intensive video footage for up to a month.”

Ideally suited for this particular application, the SnapServer’s small footprint combined with outstanding scalability and ease of use deliver exceptional storage capacity. The dual-core processor can be configured with four enterprise-class SATA II drives and up to 88 TBs to increase storage capacity as well as retain video footage for longer periods of time. SnapServer also comes embedded with GuardianOS™ 5.2 software, which includes heightened RAID 6 and 10 data protection, access security, improved heterogeneous file sharing and streamlined management.

“Overland Storage applauds the efforts of the Rock & Roll Hall of Fame Annex NYC to achieve unparalleled site security by deploying a best-of-class video surveillance solution featuring our SnapServer NAS solution,,” said Jillian Mansolf, vice president of worldwide sales and marketing for Overland Storage, Inc. “We’re extremely pleased that Overland was able to play such an important part in this award-winning project, which stands out as an excellent, real-world example of technology innovation.”

To Purchase Snap Server Products Visit http://www.snaphq.com

Overland Storage, Inc. Announces One-For-Three Reverse Stock Split

Overland Storage, Inc. today announced that it will effect a one-for-three reverse stock split of the Company’s common stock effective on December 8, 2009. Trading of Overland Storage’s common stock on the NASDAQ Global Market will begin on a split-adjusted basis at the open of trading on December 9, 2009.

Overland Storage, Inc.’s shares will continue to trade on the NASDAQ Global Market under the symbol “OVRL” with the letter “D” added to the end of the trading symbol for a period of 20 trading days to indicate that the reverse stock split has occurred.

As a result of the reverse stock split, every three shares of Overland Storage’s common stock issued and outstanding immediately prior to the effective time will be combined into one share of common stock.

The number of shares of Overland Storage common stock issued and outstanding will be reduced from approximately 19,021,383 pre-split to approximately 6,340,461 post-split.

Letters of transmittal are expected to be sent to shareholders shortly after the effectiveness of the reverse stock split. No action by Overland Storage’s shareholders is required prior to receipt of these letters.

Additional information about the reverse stock split is contained in the Company’s proxy statement for its 2008 annual meeting.

Overland Storage also reported that it granted an inducement stock option to Gregory Short, director, commodities management, who can purchase up to 50,000 shares of its common stock. The option was granted as an inducement material to employment in accordance with NASDAQ Listing Rule 5635(c).

To Purchase Snap Server Products Visit http://www.snaphq.com

Overland Storage Reports Fiscal 2010 First Quarter Results

Overland Storage, Inc. today reported first quarter results for its fiscal quarter ended September 30, 2009.

"While these remain difficult economic times, Overland is focused on what will enable us to succeed in the long term – rightsizing our operations to bring them more in line with expectations and innovating for future growth,” said Eric L. Kelly CEO of Overland Storage. “We have completed a successful fundraising effort and launched a new product with our recently announced strategic manufacturing partner Foxconn. With these actions and the capital we have raised, we now have the flexibility to continue to execute on a business strategy that will allow us to succeed in the long term.

Net revenue for the fiscal 2010 first quarter was $19.3 million, compared with $32.3 million for the same period a year ago, a decrease of 40.2 percent. The company reported a net loss of $3.7 million, or $0.29 per share, for the fiscal 2010 first quarter, compared with a net loss of $6.9 million, or $0.54 per share, for the same period a year earlier.

Compared to the prior-year quarter, branded-product sales declined 48.8 percent and service-related sales were constant at $5.7 million, while sales to OEM customers declined 50.5 percent. The declines noted are consistent with the company’s expectations during the realignment of Overland’s sales organization to focus on branded products and a change in product mix.

Gross-profit margin percentage of 27.0 percent remained unchanged compared to the same period a year ago due primarily to cost-saving initiatives and improved operational efficiencies implemented during fiscal 2009.

Operating expenses decreased for the fiscal 2010 first quarter to $8.4 million from $15.6 million in the fiscal 2009 first quarter. The decrease in operating expenses is primarily attributable to Overland’s fiscal 2009 restructuring activities. Operating expenses increased slightly on a sequential basis from $8.2 million in the fiscal 2009 fourth quarter. The increase was primarily attributable to $0.2 million in excess severance expenses associated with fiscal 2009 fourth quarter restructuring activities and $0.2 million in legal expenses associated with the 2010 restructuring activities and strategic planning. As adjusted to exclude these net charges of $0.4 million in the fiscal 2010 first quarter, operating expenses were $8.0 million, showing a decrease of 2.4 percent compared to operating expenses of $8.2 million in the fiscal 2009 fourth quarter. Adjusted operating expense is a non-GAAP measure, which management believes facilitates a better understanding of the impact of our restructuring activities on Overland’s results.

Cash at September 30, 2009 was $4.0 million, a 27.3 percent decrease from $5.5 million as of June 30, 2009. During the fiscal 2010 first quarter, the company made $0.4 million in payments toward the Adaptec note, and as of September 30, 2009, the balance on the Adaptec note was $0.7 million. Current liabilities associated with the company’s non-OEM accounts receivable financing arrangements, including interest, remained constant at $4.2 million as of September 30, 2009 compared to June 30, 2009.

To Purchase Snap Server Products Visit http://www.snaphq.com

Overland Storage Appoints Vp Emea Sales And Marketing

Overland Storage Inc. (NASDAQ: OVRL) has announced the appointment of Andy Walsky as vice president (VP) of EMEA (Europe, Middle-East and Africa) sales and marketing.

The announcement was made at SNW Europe where Overland Storage was showcasing its recently launched family of NEO 200s and 400s automated tape library solutions as well as its award-winning family of Snap Server network attached storage (NAS) appliances.

Walsky brings to Overland Storage more than 16 years’ experience of the European network storage industry. He was founder and CEO of Navastor S.A., a pan-European sales and marketing consultancy for the storage industry where he helped establish emerging storage brands including Snap Appliance, Sonasoft and Data Robotics in the European marketplace. He has also held senior channel sales and marketing positions with Adaptec and Quantum.

Since joining the company in June as VP EMEA sales and marketing Walsky has been responsible for driving the company’s business via the recruitment of key distribution and reseller partners throughout the region. He is focused on the company’s Snap Server disk storage and NEO automated tape library brands targeted at Europe’s small and medium enterprises (SME). He reports to Jillian Mansolf, VP worldwide sales and marketing at Overland Storage.

Mansolf said: “Andy has a proven track record in developing and executing a European channel business time and time again and we’re extremely fortunate to have him in our organisation. His ability to accelerate growth and innovation through a sharp focus on channel programs will be key to driving our business in EMEA.”
Walsky began his career as a consultant with Price Waterhouse. He has a BSc in accounting from Penn State University and an MBA from London Business School.

To Purchase Snap Server Products Visit http://www.snaphq.com

Overland Storage Announces Strategic Manufacturing Agreement with Foxconn

Overland Storage, Inc. (NASDAQ: OVRL) today announced it has reached a strategic manufacturing agreement with Foxconn, the largest and fastest growing multinational manufacturing services provider in the world. Under the terms of the agreement, Foxconn initially will collaborate with Overland on the manufacture of one product line within the company’s portfolio of end-to-end data protection solutions.

“We are very pleased to partner with Foxconn to strengthen our product supply chain and global manufacturing capabilities,” said Eric Kelly, CEO of Overland Storage. “Foxconn’s award-winning business model should prove invaluable as we continue to improve Overland’s operational efficiencies and cost structure. Together, we can leverage our respective IP portfolios and technology expertise to extend the reach of Overland’s data protection products worldwide. This partnership with a tier-one contract manufacturer is an important step in transforming Overland’s operations and delivering next-generation products that bolster our bottom line.”

Foxconn is a global industry leader with a roster of accolades for manufacturing innovation, including a top 10 spot in BusinessWeek’s IT 100 and consecutive rankings in the Fortune Global 500. The company currently is recognized as the largest exporter in China and the second largest in the Czech Republic.

“We are extremely excited to have been selected as a strategic partner in Overland Storage's supply chain solution,” said Jackson Shih, vice president at Foxconn. “We believe that this relationship has significant synergistic benefits to both parties and look forward to a long and prosperous partnership for many years to
come.”

To Purchase Snap Server Products Visit http://www.snaphq.com

Overland Storage Introduces NEOs Family of Automated Tape Libraries

Overland Storage, Inc. today announced the availability of the new NEO®S family of automated tape libraries, which provide simple and affordable backup, disaster recovery and archive capabilities. Ideally suited for SMEs and distributed network environments, the NEOS family of tape libraries leverages the reliability, serviceability and data availability of Overland’s award-winning NEO® Series of tape backup and archive solutions.

NEOs Family of Automated Tape Libraries
The NEOS line includes the NEO 200S, a compact 2u model that provides up to 38.4 TB of capacity and the NEO 400S, an expandable library that packs up to 76.8 TB of capacity in a 4u form factor to maximize capacity while minimizing costly rack space. The new family takes advantage of standard NEO family features that have become the hallmark for simplified installation and ongoing operation, including:

• Web-based remote management and diagnostics;
• Removable cartridge magazines that expedite access to data while reducing media handling costs;
• An integrated barcode reader to facilitate fast media tracking; and
• User-configurable mail slots for easy, secure access to individual tape cartridges;
• Expandability for increased capacity as data storage needs change; and
• Encryption to ensure data confidentiality and compliance.

“The NEO brand is synonymous with quality and is well respected for its rock-solid reliability, technological innovation and superior investment protection,” says Peri Grover, director of tape automation products at Overland Storage. “The new NEOS complement and broaden the rest of the NEO family platform while also leveraging our proven product architecture to give SMEs world-class functionality in a highly affordable, compact tape automation solution that meets a vast array of backup and archive requirements.”

The NEOS libraries utilize industry-leading HP LTO3 and LTO4 tape drives that can be easily removed, replaced and upgraded as needed. Connectivity flexibility is provided through SCSI, Fibre Channel and SAS configuration options. Additionally, the NEO 400S provides redundant power as well as partitioning to provide optimum library utilization. In the first calendar quarter of 2010, Overland plans to offer expandability and encryption options for the NEO 400S. The expandability feature will enable end-users to combine the library with other NEOS models that appear to the host as a single library. Furthermore, the encryption capability will ensure the privacy, confidentiality and integrity of business-critical data while meeting compliance requirements.

Tape Automation Market
According to IDC, the worldwide mid-range tape automation market is expected to exceed $1 billion in annual sales this year, with more than 101,000 units projected to ship by the end of 2009. "Mid-range tape libraries remain important and cost-effective backup, disaster recovery and long-term archiving solutions for small and medium-sized businesses that are consolidating their IT environments," said Richard Villars, vice president of storage and IT executive strategies at IDC. "Solutions like Overland's new NEO mid-range tape libraries will help SMEs better protect their IT investments while overcoming space, resource and budget limitations."

To Purchase Snap Server Products Visit http://www.snaphq.com

Overland Storage Offers Budget-Relief With ‘Cash For Junkers’ Promotion

• Overland Storage has introduced a “Cash for Junkers” promotion, which is designed to provide much-needed budget relief during these tough economic times by lowering the hurdles for migrating from outdated legacy storage systems to Overland’s family of next-generation NEO E-SERIES tape libraries as well as its line of scalable Snap Server Network Attached Storage (NAS) solutions.

• As part of this “trade-up” program, end users can receive a savings of up to $7,000 off MSRP toward the purchase of Overland’s next-generation NEO® E-SERIES tape libraries and up to $500 credit toward the purchase of all Snap Server® rack-mountable 1U products.

• The program, which runs through November 15, 2009, is available to North American customers; all interested trade-up customers will be directed to a member of Overland’s extensive reseller network for more details on qualifying products.



Snap Server NAS Blends Performance & Affordability for “Right-Sized” Storage

• Overland’s Snap Server product line provide high-performance, rackmount RAID performance in a scalable and flexible NAS server that is ideally suited for a wide range of network attached storage, and centralized data protection for remote sites.

• Snap Servers also offer advanced data replication with optional Snap Enterprise Data Replicator software, which enables movement of data between any combination of Snap Servers and Microsoft Windows, Linux and Mac servers.

• For Rock & Roll Hall of Fame Annex NYC, Overland’s Snap Servers serve as the cornerstone of a sophisticated video surveillance solution pairing Mobotix IP cameras with Snap Server 620s, which provide expandable storage for archiving up to 30 days of data-intensive video footage.



NEO Libraries Deliver Extended Reliability, Serviceability & Data Availability

• Overland’s NEO E-SERIES tape libraries enable mid-range customers to meet ever-increasing data archiving and long-term vaulting as well as business continuity demands with capacity ranging from 12 TBs to 1.6 PB; embedded SCSI, FC and SAS connectivity; integrated partitioning and improved mailslot functionality.

• Overland’s rock-solid NEO tape libraries received the highest single statement score in Storage Magazine’s Quality Awards, which appeared in the August 2009 issue. This latest edition of the Quality Awards ranked nearly 700 responses from a series of questions about product quality and reliability. According to the report, Overland garnered the highest statement score in the reliability category with one particular respondent explaining “this product requires very few unplanned patches/updates."

• For Barona Valley Ranch Resort & Casino, Overland’s NEO tape library platform has provided a centralized system for managing backups while reducing media costs and administrative overhead by 80 and 75 percent, respectively.



Supporting Quotes

• Dean Sarris, Co-Founder of RDT Solutions:

“Overland continually looks for ways to help its channel partners drive business success. This well-timed promotion should ease budget constraints as we head into the final quarter of the year. Many of our end-user customers have been waiting to upgrade products because of the economic downturn and this incentive from Overland should convince them the time now is right to ‘trade up’ and get more for their money.


• Zach Murez, senior sales representative of Peripheral Products, Inc. (PPI)

"We’ve already taken advantage of Overland’s ‘trade-up’ program to solve serious backup problems for one of our customers. By leveraging this latest promotion, we enabled them to migrate to a world-class NEO E-SERIES tape library and cut their backup time in half while providing 20 times greater capacity to protect all of their data, including mission-critical databases stored on their existing Overland Snap Server NAS platform.”


• Jillian Mansolf, Vice President of Worldwide Sales and Marketing for Overland:

“One of our overarching goals is to lower sales and marketing barriers for Overland’s channel partners through creative lead-generation programs. Equally important is helping end-users alleviate current budget constraints and support growing business requirements with newer, more advanced technologies. With our new ‘trade-up’ program, we’re accelerating product sales for our partners while offering end-users an excellent value on leading tape- and NAS-based solutions.”

To Purchase Snap Server Products Visit http://www.snaphq.com