Crossroads Systems' Senior Vice President of Sales and Support Retires.Business Editors & Technology Writers AUSTIN, Texas--(BUSINESS WIRE)--June 2, 2000 LiVolsi thanks colleagues at Crossroads for being great teammates and looks forward to Crossroads' bright future. Crossroads Systems (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 :CRDS CRDS Contribution pour Le Remboursement de la Dette Sociale (French: Social Debt Repayment Contribution) CRDS Cavity Ring-Down Spectroscopy CRDS Community Rehabilitation and Disability Studies ), the leading developer and manufacturer of Fibre Channel storage routers, today announced the retirement of Bob LiVolsi, senior vice president of sales and support. LiVolsi departs after building Crossroads' customer base, including 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 agreements with companies such as Dell, Compaq and StorageTek, and reseller and distributor agreements with Bell Micro, Datalink, and Tech Data. LiVolsi is leaving Crossroads for personal and family reasons. He informed the Crossroads staff that his retirement is part of a long planned endeavor to spend more time with his family. "I am very encouraged by Crossroads' future. The senior executive team is stronger than ever, the field motivated and focused, and the product roadmap robust," said LiVolsi. "Bob has been a driving force behind Crossroads' sales success," said Larry Sanders For the television show and fictional character, see . Larry Sanders (born in New York) is an Oxfordshire County Councillor. He has lived in Oxford since 1969. He was trained professionally as a social worker and lawyer. , president and COO of Crossroads Systems. "Our sales efforts will carry on without interruption under the direction of Brent Palin, acting vice president of sales." Palin, an industry veteran, was formerly a sales executive with Seagate Technology (company) Seagate Technology - A major manufacturer of hard disk drives, founded in 1979 as "Shugart Technology" by Alan F. Shugart and Finis Conner. That name is on the original patents for the 5.25" hard disk drive. . About Crossroads' Storage Routers Crossroads' family of storage routers provide multi-protocol connectivity to Fibre Channel Storage Area Networks for a wide range of devices, including servers, S/390 mainframes, and disk and tape storage systems. Crossroads' solutions deliver exceptional value to both small and mid-sized companies, as well as large Global 500 enterprises. About Crossroads Systems, Inc. Headquartered in Austin, Texas, Crossroads Systems (NASDAQ: CRDS), is the leading provider of enterprise data center routing solutions for open system Storage Area Networks including S/390 connections. Crossroads' solutions enable key Internet, Intranet and e-commerce applications. By using Crossroads, customers can more effectively and efficiently store, manage and ensure the integrity and availability of their data in the Internet economy The Internet Economy refers to conducting business through markets whose infrastructure is based on the Internet and World-Wide Web. An Internet economy differs from a traditional economy in a number of ways, including: communication, market segmentation, distribution costs, and price. . Crossroads' products are in solutions from ADIC, Compaq, Dell, Fujitsu-Siemens, Hewlett-Packard, Hitachi Data Systems See HDS. , 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) , McDATA, StorageTek, Bell Micro, Cranel, Datalink, and Tech Data. Employment opportunities of a lifetime and more information about Crossroads Systems are at www.crossroads.com or call 800/643-7148. This release may contain 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 involve risks and uncertainties. Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: Crossroads' limited operating history which makes it difficult to accurately predict revenues and budget for expenses for future periods; the extent of Crossroads' future operating losses operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. and negative cash flow; the dependence of Crossroads' business on the storage area network market which is new and unpredictable; Crossroads' ability to develop new and enhanced products that achieve market acceptance; the continuation of Crossroads' successful relationships with its limited number of OEM customers; Crossroads' ability to retain and recruit key personnel to manage its business successfully; the quarterly fluctuations of Crossroads' operating results; Crossroads' ability to successfully achieve the benefits of the acquisition of Polaris Communications and any subsequent acquisition or strategic relationship; and that Crossroads' stock price could be volatile regardless of Crossroads' actual financial performance and other factors detailed in Crossroads' filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and Quarterly Report on 10-Q. |
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