ADIC Acquires SAN Software Company; High Performance File Sharing to Enhance Storage Solutions.REDMOND, Wash.--(BUSINESS WIRE)--Sept. 20, 1999-- ADVANCED DIGITAL INFORMATION CORPORATION (Nasdaq/NMS:ADIC) today announced it has acquired MountainGate Imaging Systems Corporation through a merger of a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of the Company with MountainGate. MountainGate provides software that enables very high bandwidth cross-platform file sharing Copying files from one computer to another. See peer-to-peer network, file sharing protocol and file and printer sharing. in Storage Area Networks (SAN). Its CentraVision file system provides value by improving workflow efficiency, enabling collaborative workgroups and delivering high-performance file sharing in network environments. An aggregate of 110,000 shares of the Company's common stock were issued to MountainGate's shareholders in the merger. In addition, the Company paid $200,000 cash to the MountainGate shareholders, and assumed outstanding MountainGate debt of approximately $2 million, which was repaid on the closing date. The acquisition will be accounted for as a purchase. The Company expects to write off approximately $1 million to $3 million of MountainGate's in-process research and development, which will be recorded in the current fiscal quarter. However, the appraisal of the assets acquired pursuant to the merger has not been completed and the actual amount of the write off, which may be greater or less than current expectations, will be not be determined until the appraisal is completed. Peter van Oppen, ADIC Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , said "This acquisition further enhances our presence in the data management software arena and brings additional expertise to our software development team. The CentraVision product is especially well suited to sharing large volumes of data in open system SAN environments where our tape library products are also frequently used." "We look forward to working with the MountainGate design team," noted Paul Rutherford
Glenn Williamson, MountainGate's Chief Executive Officer, added "We're excited about partnering with ADIC because of their strong industry position as a data storage solutions provider. We are confident that CentraVision will be an important addition to ADIC's software offerings and will supplement their range of enterprise data storage solutions." About ADIC With more than 45,000 automated tape libraries installed and a suite of innovative software solutions and Storage Area Networking (SAN) products, ADIC is a leading global provider in the growing market to manage and protect information for computer networks. Marketed under ADIC and ADIC/GRAU brands and the brands of OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and partners, including Dell, Exabyte and Unisys, automated tape libraries are available with DLTtape, D2, half-inch, AIT, and 4mm tape technologies, and are supported by leading backup and storage management software products for Windows NT (Windows New Technology) A 32-bit operating system from Microsoft for Intel x86 CPUs. NT is the core technology in Windows 2000 and Windows XP (see Windows). Available in separate client and server versions, it includes built-in networking and preemptive multitasking. , UNIX UNIX Operating system for digital computers, developed by Ken Thompson of Bell Laboratories in 1969. It was initially designed for a single user (the name was a pun on the earlier operating system Multics). , and mainframe operating systems Operating systems can be categorized by technology, ownership, licensing, working state, usage, and by many other characteristics. In practice, many of these groupings may overlap. . The Company's own storage management tools include AMASS (Archive Management And Storage System) Tape management software for Unix from Quantum Corporation, Colorado Springs, CO (www.quantum.com). Originally developed by ADIC, AMASS makes the tape library look like an infinite disk drive to the application. (R) direct data access software which provides network users shared access to information stored in automated libraries. A pioneer in Storage Area Networks, ADIC's Open SAN Solutions combine open-system SAN hardware and software with installation services and single-call support. Further product information is available via the Internet at http://www.adic.com. ADIC, AMASS, MountainGate and CentraVision are trademarks of Advanced Digital Information Corporation. DLTtape is trademark of Quantum Corporation. All other product, trademark, company, or service names mentioned herein are the property of their respective owners. |
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