Each of Legacy and the management of Rexon Inc. have committed to provide financing to Rexon.TORONTO, Ontario--(BUSINESS WIRE)--Oct. 27, 1995-- Rexon Inc. and Legacy Storage Systems International Inc. today announced that each of Legacy and the management of Rexon Inc. have committed to provide financing of U.S. $2,000,000 for an aggregate of U.S.$4,000,000 to Rexon, subject to approval by The United States Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. for the District of Colorado. Financing is subject to a number of conditions, including a condition that Rexon Inc. uses its best efforts to reach an agreement with Legacy to expedite a sale of all or substantially all of the assets of the assets of Rexon to Legacy. There is no assurance that an agreement will be reached between Rexon and Legacy or that the Bankruptcy Court for the District of Colorado will approve any agreement that the parties may reach. Rexon Inc. manufactures and distributes 1/4" cartridge (QIC (Quarter Inch Cartridge) A magnetic tape technology introduced in the early 1980s that has been widely used for backup. It was the first popular tape format for PCs. ) tape drives under the Wangtek brand name, digital audio tape See DAT. (storage, music) Digital Audio Tape - (DAT) A format for storing music on magnetic tape, developed in the mid-1980s by Sony and Philips. As digital music was popularized by compact discs, the need for a digital recording format for the consumer existed. (DAT (1) (Dynamic Address Translator) A hardware circuit that converts a virtual memory address into a real address. See also DAT file. (2) (Digital Audio Tape) A magnetic tape technology used for backing up data. ) drives under the WangDat brand name and Tecmar tape back-up solutions. Rexon Inc. distributes its tape back-up products through a field sales force and international network of more than 100 distributors. Rexon Inc. also has 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 and VAR relationships with a number of major U.S. computer companies. Rexon operates its own manufacturing facility out of Singapore. Legacy Storage Systems International Inc. is a personal computer peripheral systems corporation operating in the data storage subsystems sector of the computer systems industry. Legacy manufactures, assembles and distributes data storage subsystems for the personal computer local area network environment, provides technical support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services to any users of its products, conducts research and development to upgrade its existing products, develops new products and distributes computer products and components. Legacy manufactures products for all major operating systems. Legacy's products are marketed worldwide to Forturne 500 companies. CONTACT: David Killins President & C.E.O. Legacy Storage Systems International Inc. 905/475-1077 or Alain Lambert Director of Investor Relations Investor relations The process by which the corporation communicates with its investors. Legacy Storage Systems International Inc. 514/844-7212 or Bob Genesi Chief Executive Officer Rexon Inc. 303/682-3753 |
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