Sphere 3D Corporate Update
Achieves Significant Business Milestones and Files for NASDAQ Listing
Mississauga, Ontario – April 14th, 2014 – Sphere 3D Corporation (TSXV: ANY OTCQX: SPIHF) (the “Company” or “Sphere 3D”), a virtualization technology solution provider, today announced that it has filed an application with Nasdaq OMX Group to list its common shares on the Nasdaq Capital Market and is providing the following corporate update.“
We have achieved significant milestones over the past year and are now in the position to accelerate our growth. We have established several key strategic partnerships, completed the acquisition of V3 Systems, Inc. and strengthened our cash position with the recent financing from Cyrus Capital,” said Peter Tassiopoulos, CEO of Sphere 3D, “We believe that applying for listing on NASDAQ represents another important milestone for the Company and will help increase liquidity while providing greater access for U.S. investors and institutions."
Recent Highlights:
· Completed acquisition of V3 Systems, Inc., a privately held virtualization company on March 21st, 2014;
· Completed the integration of the V3 team; including the addition of former founder of V3 Systems, Mr. Peter Bookman, taking on responsibility for accelerating the building of the Company’s Intellectual Property Portfolio;
· Converted 3 provisional patents to full patent fillings in Q1 2014; bringing the total number of full patent filings to 12;
· Signed the Company’s first Desktop as a Service (“DaaS”) agreement in Q1 2014, with an international services company;
· Recognized revenue in Q1 from Glassware 2.0™ licenses, V3 Appliances, Professional Services and Desktop Cloud Orchestrator™ (“DCO”);
· Derived revenue from customers in Canada, United States, Europe and elsewhere; verticals sold to in Q1 2014 include Government, Construction and Financial Services;
· Finalized partnership with Dell to integrate the Glassware 2.0™ platform and DCO, from recently acquired V3 Systems, with Dell DRIVE;
· Expanded relationship in Q1 2014 with Corel beyond previously announced VAR and Distribution agreements. Corel is estimated to have over 100 million active retail users in 75 countries and over 78% of the PC based non-Microsoft office productivity market;
· Expanded relationship with licensee Overland Storage (NASDAQ:OVRL) to include V3 appliances, DCO and collaboration on additional IP creation. Overland’s completed purchase of Tandberg Data in Q1 2014 gives Sphere 3D access to a combined channel of over 19,000 resellers, multiple distributers and OEMs as well as a customer install base that exceeds 1,000,000 units.
Financial Highlights:
· Estimated revenue for Q1 2014 is expected to exceed $1million;
· Cash and short term investments at the end of Q1 2014 are in excess of $7million;
· Total assets at the end of Q1 2014 are in excess of $20 million;
· Completed a Convertible Debenture financing of US $5 million on March 21, 2014.
The Company further reports, that in addition to the demonstration center at the Company’s head office near Toronto, Canada, the Company has now established two additional locations for existing and potential customers and partners to come and test drive Glassware 2.0™ and V3 appliances; the new locations are at Overland’s offices in San Jose, California, and at the Sphere 3D satellite office in Salt Lake City, Utah. The Company will be announcing additional locations with partners in the United States and Europe in Q2 2014.
The NASDAQ listing application is subject to review and approval by NASDAQ’s Listing Qualifications Department. While the Company intends to satisfy all of NASDAQ’s requirements for initial listing, no assurance can be given that its application will be approved. The Company’s common stock will continue to trade on the OTCQX under its current symbol, “SPIHF”, and on TSXV under the symbol “ANY” during the NASDAQ review process.
About Sphere 3D Corporation
Sphere 3D Corporation (TSX-V:ANY) (OTCQX:SPIHF) is a Mississauga, Ontario based virtualization technology solution provider whose patent pending Glassware 2.0™ technology makes it possible for incompatible devices and applications to run over the cloud, without sacrificing performance or security. Sphere 3D's Glassware 2.0™ ultra-thin client allows third parties to deliver fully featured products to any cloud-connected device independent of operating system or hardware. For additional information visit www.sphere3d.com or access the Company's public filings at www.sedar.com.
Sphere 3D Contact:
Peter Tassiopoulos, Chief Executive Officer
Tel: (416) 749-5999
Peter@sphere3d.com
Forward-Looking Statements
This release contains forward-looking statements. Forward-looking statements, without limitation, may contain the words believes, expects, anticipates, estimates, intends, plans, or similar expressions. Forward-looking statements are not guarantees of future performance. They involve risks, uncertainties and assumptions and actual results could differ materially from those anticipated. Forward looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. In the context of any forward-looking information please refer to risk factors detailed in, as well as other information contained in the Company's filings with Canadian securities regulators (www.sedar.com).
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