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Storage Engine Files Voluntary Petition for Chapter 11 Reorganization

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thepennyking   Tuesday, 03/23/04 12:10:46 AM
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Storage Engine Files Voluntary Petition for Chapter 11 Reorganization
Monday March 1, 6:05 pm ET

TINTON FALLS, N.J.--(BUSINESS WIRE)--March 1, 2004--Storage Engine, Inc. (OTCBB: SENG - News) a provider of fault tolerant information systems, data storage and document imaging solutions, announced today that the Company, along with all of its subsidiaries, has voluntarily filed for protection under Chapter 11 of the U.S. Bankruptcy Code with the U.S. Bankruptcy Court for the District of New Jersey. The Company intends to utilize the Chapter 11 process to reorganize its business and re-emerge shortly from this process, while continuing to provide service to its business customers and potential customers.
The Company emphasized that this Chapter 11 filing will not impact day-to-day operations with regard to its employees, customers and general business operations. Several non-essential employee positions have been eliminated.

"While this was a very difficult decision to make, given the current circumstances, we determined that we needed to take decisive action for our employees, customers and creditors, to maximize the value of our business," said a Company spokesman.

About Storage Engine, Inc. (SEI)

Storage Engine (SEI) is a provider of cost effective data storage solutions, and document imaging solutions for departments and enterprises that serve a wide range of business and government markets along with a wide range of other services to enable the capture, tracking, storing, sharing and utilization of information assets cost effectively.

This release contains forward-looking statements under the Federal Securities Laws. Actual results could vary materially. Factors that could cause actual results to vary materially include, but are not limited to: component quality and availability, changes in business conditions, changes in Storage Engine's sales strategy and product development plans, changes in the data storage or network marketplace, competition between Storage Engine and other companies that may be entering the data storage host/network attached markets, competitive pricing pressures, continued market acceptance of Storage Engine's open systems products, delays in the development of new technology, changes in customer buying patterns, one-time events and other important factors disclosed previously and from time-to-time in Storage Engine's filings at the U.S. Securities and Exchange Commission.

Storage Engine, Inc.

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