Crossroads Systems Announces Change to Shareholder Rights Plan.AUSTIN, Texas -- Crossroads Systems, Inc. (Pink Sheets: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 ), a leading provider of business information assurance solutions for secure storage and data management, today announced that its Board of Directors has adopted an amendment to its shareholder rights plan. The amendment increases the threshold percentage of beneficial ownership that will trigger a distribution of the rights under the plan to 20%, from the 15% level previously in effect. In general, the rights plan is designed to ensure that Crossroads' public shareholders receive fair treatment in the event of a potential takeover. The plan will not prevent a takeover, but should encourage any company seeking to acquire Crossroads to negotiate with the Board of Directors prior to attempting a takeover. Forward-Looking Statements Statements that Crossroads Systems, Inc. may publish, including those in this announcement that are not strictly historical, are "forward-looking" statements made under the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. This release may include forward-looking statements. The words "believe," "expect," "intend," "plan," "project," "will" and similar phrases as they relate to Crossroads are intended to identify such forward-looking statements. These statements reflect the current views and assumptions of Crossroads, and are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. About Crossroads Systems, Inc. With headquarters in Austin, Texas, Crossroads Systems is a leading provider of Business Information Assurance solutions. Crossroads solutions serve the growing data storage, business continuity, disaster recovery, information security and business information assurance markets and are designed to help companies store, manage and ensure the security, resiliency and accessibility of their data. Crossroads products are in solutions from companies such as 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. , HP, Quantum and SUN, and are distributed through partners such as ACAL ACAL Asociación de Archiveros de Castilla Y León (Castille and Leon, Spain) ACAL Academia de Ciencias de América Latina (Spanish: Academy of Sciences of Latin America, Venezuela) , Bell Micro, Info-X, and Promark. Crossroads (CRDS.PK) is currently traded on the Over The Counter ("OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). ") Bulletin Board. Crossroads is a member of the Storage Networking Industry Association An association of producers and consumers of storage networking products, whose goal is to further storage networking technology and applications. The Storage Networking Industry Association, or SNIA (SNIA (Storage Networking Industry Association, San Francisco, CA, www.snia.org) An organization devoted to the advancement of mission critical storage systems. Founded in 1997, its goal is to determine the standards that must be developed to allow hosts and storage systems to interact via ). For more information about Crossroads Systems, please visit www.crossroads.com or call 800-BUY-CRDS / 800-643-7148. |
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