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Can US Market Stiffen BakBone?

Storage management vendor is challenged by disappointing balance sheet, high costs of US SEC filing

In a move aimed at raising much-needed funds, BakBone Software Inc. (TSE: BKB) today filed with the U.S. Securities and Exchange Commission to start publicly trading in U.S. markets (see BakBone Files Forms, Earnings).

The storage management company offers distributed, multivendor packages for backup and archiving and competes with the likes of Veritas Software Corp. (Nasdaq: VRTS). It says the filing is a key step in a long-planned strategy to raise capital in the U.S. markets.

BakBone was formed in March 2000 through a reverse acquisition, in which a shell company based in Alberta acquired a series of storage software companies, including Japan's NetVault Corp. KK, and set up headquarters in San Diego.

"We are financially based in Canada, but our headquarters is in the U.S.," says a spokesman. "We have always had a goal to move to U.S. capital markets."

BakBone needs the money. In its fourth-quarter financial results, released to analysts last week, it revealed 14 percent sequential revenue growth to CDN$2.6 million (US$1.69 million), but a net loss for the quarter of CDN $0.29 (19 US cents) a share.

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