ADIC to Double Manufacturing, R&D center in Denver; Continued Growth Requires Expansion.Business Editors REDMOND, Wash.--(BUSINESS WIRE)--August 7, 2001 ADVANCED DIGITAL INFORMATION CORPORATION (NASDAQ/NMS Symbol: ADIC(R)) announced today that it has signed a lease on a new 148,000 square-foot building that will nearly double the size of its Denver, Colorado facilities in a move designed to help the Company keep pace with the increasing demand for its storage products. The new facilities will provide added space for manufacturing, research and development, test and systems engineering labs, customer service and support, and training activities. Occupancy of the new building is expected to take place by the end of December, 2001. Announcement of this move comes less than one year after ADIC occupied new space that nearly doubled its facilities in Redmond, Washington Redmond is a city in King County, Washington, USA. It is situated on the eastern edge of the Seattle urban area, in what is known as the Eastside. In 2003 the Census Bureau estimated the city population was 46,391. , where the Company is headquartered. "We are expanding facilities because we need more room to keep growing," explained Jon Gacek, ADIC CFO See Chief Financial Officer. . "Through the second quarter of fiscal 2001, we had sustained 50% compounded annual growth over the previous 22 quarters. This included dramatic increases in both our branded and our 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 business and the addition of new mid-range and large library systems. Although the slowdown in IT spending has reduced our growth rate for our third fiscal quarter, without the effects of our recent acquisition of Pathlight Technology, revenue is still expected to grow 20-30 percent over the same period last year, and we expect it to continue at double-digit levels. We are investing now so that we can continue to be the preferred data management choice for our customers and to be prepared for accelerated growth as IT spending picks up." "We are gaining share in the rapidly growing open systems storage market because we are expanding our product lines, adding higher value-add software content to create intelligent storage systems, and continuing to work closely with key channel partners and fast-growing OEMs," said Chuck Stonecipher, ADIC President. "Our Denver facility plays a key role in our growth strategy. It is the center for our enterprise-class Scalar scalar, quantity or number possessing only sign and magnitude, e.g., the real numbers (see number), in contrast to vectors and tensors; scalars obey the rules of elementary algebra. Many physical quantities have scalar values, e.g. libraries, including our new Scalar 10K SAN-enabled library platform, as well as the site for a major portion of our software development. We are adding facilities there to make sure we can keep taking advantage of the new opportunities created by the relentless increase in enterprise data." The expansion does not affect other ADIC facilities. The Company will continue to operate manufacturing, sales or research facilities in the states of Washington and New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of as well as in multiple European locations. About ADIC Advanced Digital Information Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ADIC) is a leading storage solutions provider to the open systems marketplace, offering a broad range of Intelligent Storage(TM) products designed to enhance organizations' abilities to store, protect, manage and use their rapidly growing network data. ADIC products include technology-independent automated storage systems, specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. storage management software, and multiple-protocol storage networking (SAN/NAS) connectivity and management tools. ADIC storage products are available through a worldwide sales force and a global network of resellers and OEMs, including Dell, EMC (1) (EMC Corporation, Hopkinton, MA, www.emc.com) The leading supplier of storage products for midrange computers and mainframes. Founded in 1979 by Richard J. Egan and Roger Marino, EMC has developed advanced storage and retrieval technologies for the world's largest companies. , Fujitsu-Siemens 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) . Further information about ADIC is available at www.adic.com. 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. relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Company's future operating results and future products and services that are subject to risks and uncertainties that could cause actual results to differ materially from those projected. The words "expect", "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. Factors that could affect the Company's actual results include general economic trends, purchase deferrals by customers, technical competition or obsolescence ob·so·les·cent adj. 1. Being in the process of passing out of use or usefulness; becoming obsolete. 2. Biology Gradually disappearing; imperfectly or only slightly developed. , supply constraints, changes in market pricing and production problems. Reference is made to the Company's Quarterly Report on Form 10-Q Form 10-Q See 10-Q. for the quarter ended April 30, 2001 for a more detailed description of factors that could affect the Company's actual results. 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 after the date of this release or to reflect the occurrence of unanticipated events. ADIC and Scalar are registered trademarks and Intelligent Storage is a 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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