Xyratex appoints new director Ken Traub Board unanimously reaffirms ClusterStor growth strategy
HAVANT, United Kingdom, July 1, 2013 /PRNewswire/ -- Xyratex Ltd (Nasdaq: XRTX), a leading provider of data storage technology, today announced the appointment of Ken Traub to the Board of Directors. Following the Company's Annual Shareholders' Meeting on June 26th in New York City, Ken Traub was appointed as a Class III director of Xyratex Ltd. Mr. Traub has extensive experience as a senior executive, director and investor in public companies since earning an MBA from Harvard Business School in 1988. Jonathan Brooks, Chairman of Xyratex, said, "I am delighted that Ken Traub has joined the Board and look forward to his valuable contributions in the future."
Mr. Traub joins the Board following the Company's agreement in April 2013 with Baker Street Capital, whose Managing Member, Vadim Perelman, was re-elected to the Board as a Class I director at the Company's Annual Shareholders' Meeting.
"Since joining the board in March, I have spent a substantial amount of time working with senior management to analyze the Company's businesses, product development strategy and investments in the HPC/Big Data area. I am pleased to see that the core Storage Solutions and Capital Equipment businesses are stabilized and profitable, while ClusterStor represents a significant profitable growth opportunity for Xyratex. I have been impressed by the traction and momentum that the ClusterStor product line has established in the HPC/Big Data marketplace, evidenced by numerous major design wins, a growing number of satisfied customers and increasing market share," said Vadim Perelman, Director. "Financially, the company has made adjustments to ClusterStor operating expenses and the product line is approaching an inflection point where it is anticipated to contribute positively to Xyratex in Fiscal Year 2014 and to become a self-sustaining business unit going forward. I and the rest of the board unanimously support the continued investment in ClusterStor as we are confident that the business will provide the best next generation solutions to our customers' increasing storage requirements as well as deliver value to Xyratex shareholders."
"I look forward to working with Jonathan, the rest of the board and the executive team at Xyratex," said Ken Traub, Director, "I believe the company has some very valuable technology, a strong customer base, a world class engineering team that develops some of the best technology for our customers and a strong financial foundation. I believe these components will allow us to serve our customers in the best capacity available in the market."
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Factors that might cause such a difference include our inability to successfully execute our business strategies, retain major customers and meet the required technical and performance specifications of our products in a timely manner or at all, the cyclical nature of the markets in which we operate, changes in our customers' volume requirements, our inability to compete successfully in the competitive and rapidly changing marketplace in which we operate, deterioration in global economic conditions, diminished growth in the volume of digital information, patent infringement claims and our inability to protect our intellectual property and the impact of natural disasters. These risks and other factors include those listed under "Risk Factors" and elsewhere in our Annual Report on Form 20-F as filed with the Securities and Exchange Commission (File No. 001-35766). In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," "projects," "potential," "continue," or the negative of these terms or other comparable terminology. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.
Xyratex is a leading provider of data storage technology, including modular solutions for the enterprise data storage industry, and hard disk drive (HDD) capital equipment for the HDD industry. Xyratex enterprise data storage platforms provide a range of advanced, scalable data storage solutions for the Original Equipment Manufacturer and High Performance Computing communities. As the largest capital equipment supplier to the HDD industry, Xyratex enables disk drive manufacturers and their component suppliers to meet today's technology and productivity requirements. Xyratex has over 25 years of experience in research and development relating to disk drives, storage systems and manufacturing process technology.
Founded in 1994 in an MBO from IBM, and with headquarters in the UK, Xyratex has an established global base with R&D and operational facilities in North America, Asia and Europe.
SOURCE Xyratex Ltd