ANY - .36/.37 Started moving up with this PR:
Sphere 3D Announces Assignment of Debt and Withdrawal of Default Notices on all Existing Credit Facilities
SAN JOSE, Calif. , Aug. 16, 2018 (GLOBE NEWSWIRE) -- Sphere 3D Corp. (NASDAQ:ANY) (the "Company"), a company delivering containerization, virtualization, and data management solutions via hybrid cloud, cloud and on-premise implementations through its global reseller network and professional services organization, today announced that the Company and its subsidiaries signed the assignment of the Credit Agreement dated as of April 6, 2016 by and among Overland Storage, Inc. and Tandberg Data GmbH , as borrowers, and CB CA SPV, LLC (as successor to Opus Bank ), as lender, and each of the other parties party thereto, to FBC Holdings , S.à r.l ("FBC”), and such assignment became effective on August 16, 2018 .
With the resulting effectiveness of the assignment, the Company and Overland Storage, Inc. received notice from FBC that all default and acceleration notices have been withdrawn, which eliminates the requirements of said debts being immediately due and payable.
The Company continues to work towards closing of the sale of the shares of Overland Storage to Silicon Valley Technology Partners , as previously disclosed by the Company, which was approved by shareholders at its special shareholder meeting held on May 31, 2018 .
“Through the continued support of FBC, the Company will resume its efforts to complete the strategic restructuring plan intended to extend the Data Protection and Archive (DP&A) business as a standalone private entity, while maintaining the Sphere 3D virtualization business’s focus on its HVE product offerings,” said Peter Tassiopoulos, president and vice chairman of Sphere 3D. “We are pleased that FBC has decided to make a significant additional investment that supports these plans.”
About Sphere 3D : Sphere 3D Corp. (NASDAQ:ANY) delivers containerization, virtualization, and data management solutions via hybrid cloud, cloud and on-premise implementations through its global reseller network and professional services organization. Sphere 3D, along with its wholly owned subsidiaries Overland Storage, and Tandberg Data, has a strong portfolio of brands, including Overland-Tandberg, HVE ConneXions and UCX ConneXions, dedicated to helping customers achieve their IT goals. For more information, visit www.sphere3d.com. Follow us on Twitter @Sphere3D , @HVEconneXions and @ovltb
