Legacy Storage Systems to acquire breakthrough data storage technology.MARKHAM, Ontario--(BUSINESS WIRE)--March 2, 1995--PROPRIETARY NEAR-LINE DATA STORAGE TAPE TECHNOLOGY OFFERS 1.6 TERABYTE CAPACITY; LEGACY TO LAUNCH 200-GB SCSI/PC-LAN- BASED SINGLE SYSTEM 12MM TAPE BACKUP Using magnetic tape for storing duplicate copies of hard disk files. Users can add an internal or external tape drive to their desktop computers for backup purposes, and files are typically copied to the tapes using a backup utility that updates on a periodic schedule. PRODUCT IN EARLY '96. Legacy Storage Systems International Inc. ("Legacy" or the "Company") (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. - "LEG") announced today the signing of a letter of intent to acquire new data storage technology developed at the Space Geodynamics Laboratory (SGL SGL See Speculative Grade Liquidity Rating (SGL). ) of The Institute for Space and Terrestrial Science (ISTS ISTS Institute for Security Technology Studies ISTS Individual Sewage Treatment Systems ISTS Institute for Space and Terrestrial Science ISTS Intel Science Talent Search ISTS International Sea Turtle Society ISTS Ion Source Test Stand ), an Ontario Government Centre of Excellence research and development organization located in Toronto, Ontario. The aquisition is part of a long-range strategy by Legacy to broaden its product line and strengthen its position as a leader in the field of sophisticated fault-tolerant data storage systems. As part of the agreement, Legacy will acquire Quasarmetrics Inc., the company licensed by ISTS to commercialize this technology. Quasarmetrics will join forces with Legacy in the effort to bring this innovative technology to the commercial computer market. Legacy and Quasarmetrics will also form a strategic alliance with the R & D group at ISTS/SGL in order to provide for future product enhancement and development. In connection with the acquisition of Quasarmetrics, LEG will issue 2,455,357 common shares on closing of the transaction. Following closing, and based on attainment of certain revenue targets for products incorporating the ISTS technology, LEG will issue a further 4,687,501 common shares. In addition, options for equivalent rights to acquire 466,666 common shares of LEG at an exercise price of $0.35 per share will be granted by LEG in connection with this transaction. LEG intends to raise approximately $650,000 by way of a private placement to finance the initial costs required to exploit the ISTS technology. Closing of this transaction is conditional on completion of such private placement, satisfactory due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. review, and approval of governmental and regulatory authorities. Since its inception in 1988, ISTS/SGL has carried out a scientific research and development program, concentrating its efforts in the development of a high-speed, high-capacity digital data storage system for near-line storage of enormous amounts of data using 12mm tape. ISTS/SGL recently used the core technology to produce a near-line mass data storage system (the "ISTS System"), a very large capacity and expandable digital data storage system and file server which uses video cassette recorder video cassette recorder Noun a device for recording and playing back television programmes and films video cassette recorder video n → Videorekorder m technology. This system is expandable from an "entry" capacity of 100 GB to a maximum single system capacity of 1,600 GB (1.6 Terabytes). This particular technology has competed successfully against technology from the U.S. and Japan in countries such as Australia, China, Japan, Russia and India and ISTS is confident that the near-line mass storage system could also succeed in the global data storage and computer backup market. Under the control of a proprietary operating system operating system (OS) Software that controls the operation of a computer, directs the input and output of data, keeps track of files, and controls the processing of computer programs. , the ISTS System presents itself to the user as a standard network file system ("NFS (Network File System) The file sharing protocol in a Unix network. This de facto Unix standard, which is widely known as a "distributed file system," was developed by Sun. See file sharing protocol and WebNFS. NFS - Network File System ") file server like a huge disk drive. It is possible to "mount" several ISTS Systems, analogous to mounting many disk drives, which will present the user with a fully-integrated file hierarchy of several terabytes. The technology is targeted towards high-end computer data storage market applications such as imaging; GIS systems; electronic page assembly; document image storing for the finance and insurance industries; multimedia data storage for museums and art galleries; seismic and scientific applications; digital storage for the broadcast and music recording industries, and for the electronic "superhighway". Potential users of the ISTS System include those with on-line requirements needing an extremely high-capacity data storage system with standard NFS capability for file transfer and excellent transfer rates through current file retrieval capability of the system. Potential users also include those in UNIX UNIX Operating system for digital computers, developed by Ken Thompson of Bell Laboratories in 1969. It was initially designed for a single user (the name was a pun on the earlier operating system Multics). TCP/IP TCP/IP in full Transmission Control Protocol/Internet Protocol Standard Internet communications protocols that allow digital computers to communicate over long distances. Ethernet environments in which data needs are over 200 GB and in which large files are predominant in such applications. "The ISTS System is a hybrid device making use of both disk and tape storage technology and, as a result, fits perfectly into Legacy's own storage product offerings as well as our expansion strategy," said David J. Killins, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Legacy Storage Systems International Inc. Mr. Killins added: "This product offers an extremely competitive performance-to-price ratio; full compatibility with all major operating system platforms, and meets the expanding needs of today's PC-LAN PC-LAN Personal Computer Local Area Network market, particularly in the UNIX workstation environment which Legacy has not been able to effectively address until now. This technology acquisition will enable Legacy to offer high-end mass data storage retrieval and backup solutions into the multi-terabyte range to its client base. Our engineers who tested this technology believe it could represent one of the 10 major technological advances in data storage over the last 15 years." David Killins also stated: "Using the ISTS technology, and concurrent with our sales efforts of the existing ISTS System, Legacy's engineering/R&D group will commence development of a 200-GB SCSI-based PC/LAN-based single system tape backup device which will be launched in early 1996 offering the lowest-cost-per-GB tape system on the market and the bast performance available. Our objective with this product is to create with 12mm tape the kind of global market dominance that Exabyte 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 - EXBT) has achieved with its 8mm tape drives and to establish an industry-wide global standard for 12mm tape." Legacy Storage Systems International Inc. is a global leader in the design, development and manufacturing of high-end data storage subsystems incorporating the latest in hard disk, optical disk and magnetic tape drive (storage) magnetic tape drive - (Or "tape drive") A peripheral device that reads and writes magnetic tape. technologies. The company's products emphasize storage integration technology and fault tolerance for applications running on PC/Workstation-based Local Area Networks. Legacy is a pace-setter in terms of developing leading-edge data storage products. The Company pioneered PC mass storage developments in 1988 with the launch of the world's first SCSI SCSI in full Small Computer System Interface Once common standard for connecting peripheral devices (disks, modems, printers, etc.) to small and medium-sized computers. SCSI has given way to faster standards, such as Firewire and USB. multiple disk storage system. In 1991, Legacy expanded the concept of data storage fault tolerance with the development and introduction of the world's first HFD HFD Hulbert Financial Digest (newsletter) HFD Honolulu Fire Department (Honolulu, HI) HFD Houston Fire Department HFD Half Duplex HFD Hrvatsko Farmaceutsko Društvo (Hot Fixed Device) -- or "hot swappable" disk drive. Legacy's products are marketed and distributed worldwide to Fortune 500 companies. CONTACT: Legacy Storage Systems International Inc. David J. Killins, 905/475-1077 Alain Lambert, 514/393-7212 Bill Robertson, 905/475-1077 |
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