Network Computing is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Overland Reveals Financing

SAN DIEGO -- Overland Storage, Inc. (Nasdaq: OVRL) today announced that it had closed an accounts receivable financing transaction with Marquette Commercial Finance. Under the terms of the agreement, Marquette may finance up to $9 million of the company's domestic accounts receivable to provide the company with accelerated liquidity. The term of the agreement is two years with annual renewals thereafter.

"This financing agreement with Marquette will allow us to continue our recovery and execute our strategy," stated Vern LoForti, president and chief executive officer of Overland Storage. "I remain encouraged by the strength and commitment of the Overland team, and by the support of our channel partners who continue to stand by us. We are focused on harvesting our recent investment in the Snap Server business and in delivering new solutions that can leverage the variety of platforms represented by the Overland family of data protection appliances.

Overland Storage Inc.