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Overland Closes Financing Deal

SAN DIEGO -- Overland Storage, Inc. (NASDAQ: OVRL | Quote | Chart | News | PowerRating) (Current Market Cap: US$3.19 Mil.) said it has closed an accounts receivable financing transaction with FGI Finance worth up to $5 million over two years.

Under the terms of the agreement, FGI may finance up to $5 million of Overland's foreign accounts receivable to provide the company with accelerated liquidity. The term of the agreement is two years with annual renewals thereafter.

Overland CEO Eric Kelly said that the deal with FGI for foreign receivables complements a $9 million domestic receivable financing with Marquette Commercial Finance that was put in place last November.

He added, "It also is reflective of the fact that approximately 40 percent of our branded revenues are generated outside of North America. We believe that together these two financing arrangements will allow us to continue our recovery and execute our strategy."

Overland Storage Inc.