ADIC SEC Registration Statement Declared Effective; Acquisition of Pathlight Technology, Inc. Expected to Close May 11, 2001.Business Editors/Technology Writers REDMOND, Wash.--(BUSINESS WIRE)--April 6, 2001 Advanced Digital Information Corporation (Nasdaq:ADIC) today announced that the registration statement it filed with the Securities Exchange Commission in connection with its pending acquisition of Pathlight Technology, Inc. has been declared effective by the SEC. Under the terms of the merger agreement, ADIC will issue 10,300,000 shares of common stock for all outstanding stock, warrants and stock options of Pathlight. The number of shares is fixed and is not contingent on Adj. 1. contingent on - determined by conditions or circumstances that follow; "arms sales contingent on the approval of congress" contingent upon, dependant on, dependant upon, dependent on, dependent upon, depending on, contingent the market price. The merger is expected to be accounted for as a pooling of interests Pooling of Interests An accounting method, used in mergers and acquisitions, where the balance sheet items of the two companies are simply added together. Notes: The opposite of pooling of interests is the purchase acquisition method. . Pathlight holders of record on March 20, 2001 will be eligible to vote on the merger at a special meeting of Pathlight stockholders to be held on May 9, 2001. Holders of approximately 75% of the Pathlight shares have already agreed to vote in favor of the merger, assuring its approval. ADIC shareholder approval is not required. The acquisition is expected to close on May 11, 2001, and the one-time acquisition costs, which are estimated to be $10 - $12 million, will be reflected in ADIC's third-quarter results. About ADIC Advanced Digital Information Corporation (Nasdaq:ADIC) is a leading device-independent storage solutions provider to the open systems marketplace offering a broad range of products designed to enhance organizations' abilities to store, protect, manage and use their rapidly growing network data. ADIC solutions include automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. storage libraries, storage management software, and storage networking (SAN/NAS) connectivity tools. ADIC storage products are available through a worldwide sales force and a global network of resellers and OEMs, including Dell, Fujitsu Siemens (Fujitsu Siemens Computers, Inc. (USA), Milpitas, CA, www.fujitsu-siemens.com) Fujitsu Siemens Computers USA is a wholly owned research and development subsidiary of Fujitsu Siemens Computers. and IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) . Pathlight Technology, Inc. is a storage networking pioneer based in Ithaca, New York
For other places or objects named Ithaca, see Ithaca (disambiguation). . Following the merger with ADIC the combined companies will offer a broad range of Intelligent Storage(TM) products including SAN management, connectivity and virtualization An umbrella term for enhancing a computer's ability to do work. Following are the ways virtualization is used. Hardware Virtualization Partitioning the computer's memory into separate and isolated "virtual machines" simulates multiple machines within one physical computer. products that complement ADIC's existing storage hardware and software solutions. This release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. The words "expect," "intend," "anticipate," and similar expressions identify forward-looking statements, but their absence does not mean that the statement is not forward-looking. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Reference is made to the Company's Annual Report Form on 10-K for the fiscal year ended October 31, 2000 and the Registration Statement on Form S-4 declared effective on April 6, 2001 for a more detailed description of factors that could affect the Company's actual results and the closing of the merger. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or after the date of this release or to reflect the occurrence of unanticipated events. We urge you to read the Prospectus contained in the Registration Statement on Form S-4 that ADIC has filed with the Securities Exchange Commission in connection with the merger, because it contains important information. The Prospectus will be sent to stockholders of Pathlight Technology, Inc. in connection with the solicitation solicitation In criminal law, the act of asking, inducing, or directing someone to commit a crime. The person soliciting another becomes an accomplice to the crime. The term also refers to the act of obtaining bribes, as well as to the crime of a prostitute who offers sexual of their approval of the merger. You may obtain a free copy of the Prospectus and other documents filed by ADIC with the Commission at the Commission's web site at www.sec.gov. These documents may also be obtained free of charge by request to ADIC, PO Box 97057, Redmond WA 98073-9757, Attention: Investor Relations Investor relations The process by which the corporation communicates with its investors. . Further information about ADIC is available at www.adic.com. ADIC is a registered trademark of Advanced Digital Information Corporation. All other product or service marks mentioned in this release should be considered the property of their respective owners. |
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