Exabyte Announces the Sale of $3 Million of Convertible Preferred Stock to the State of Wisconsin Investment Board

Apr 17, 2001, 01:00 ET from Exabyte Corporation

    BOULDER, Colo., April 17 /PRNewswire/ -- Exabyte Corporation
 (Nasdaq:   EXBT), a performance leader in network backup systems, announced
 today that the Company has issued $3 million of 9% Cumulative Convertible
 Preferred Stock to the State of Wisconsin Investment Board in a negotiated
 private transaction exempt from registration under Section 4(2) of the
 Securities Act of 1933, as amended.  The Preferred Stock is convertible by the
 investor into 1,250,000 shares of Common Stock at $2.40 per share.  Dividends
 are payable annually in cash or in Common Stock, if the Company is otherwise
 restricted from paying cash dividends in Common Stock.  The Preferred Stock
 does not provide either for warrant coverage or for any downward adjustment in
 the conversion price of the Preferred Stock based upon the market price of the
 underlying Common Stock.  For more detailed provisions related to this sale, a
 Form 8-K will be filed subsequently with the Securities and Exchange
 Commission.
     "I am extremely pleased with this financing with respect to both the terms
 of the instrument and the quality of the investor.  The State of Wisconsin
 Investment Board has been a significant shareholder of Exabyte since the
 Company's initial public offering in 1989," said Bill Marriner, Exabyte's
 Chairman, President and Chief Executive Officer.
 
     About Exabyte Corporation
     Exabyte Corporation is a leading supplier of tape storage devices and
 network storage solutions for the data intensive application and database
 server markets.  Exabyte engineers, manufactures and markets 8mm and
 MammothTape(TM) technology tape drives, premier storage media and libraries
 for MammothTape, DLTtape(TM) and LTO(TM) (Ultrium) tape technologies.
 NetStorM(TM), Exabyte's network storage initiative, is designed to optimize
 the performance capabilities of Exabyte's drives, autoloaders and libraries
 with other vendors' SAN offerings.  The Company's products are available
 exclusively through an extensive network of OEM, distributor and reseller
 business partners worldwide, all backed by the Company's award-winning service
 and support.
     For additional information about Exabyte and for sales, call
 1-800-EXABYTE.  For support and customer service, call 1-800-445-7736.  Please
 call (+65)-271-6331 for Asia/Pacific and (+31)-30-2548800 for European
 inquiries.  To have investor information faxed, call 201-946-0091, or download
 information from the investor relations' room on the Company's Web site.  For
 investor-related questions, please call 1-866-EXABYTE, or e-mail
 investor@exabyte.com.  Visit Exabyte on the World Wide Web at www.exabyte.com
 and www.m2wins.com.
 
     The foregoing contains forward-looking statements related to the company's
 business prospects.  Such statements are subject to one or more risks.  The
 actual results that the company achieves may differ materially from such
 forward-looking statements due to risks and uncertainties related to customer
 dependence, competition, product development, market demand, management of
 business and product transitions and other such risks as noted in the
 company's 1999 Form 10-K.  Please refer to the company's Form 10-K and
 Forms 10-Q for a description of such risks.
 
     EDITOR'S NOTES Exabyte is a registered trademark, and M2, MammothTape,
 SmartClean and NetStorM are trademarks of Exabyte Corp. LTO and Ultrium are US
 trademarks of HP, IBM and Seagate.  DLTtape is a trademark of Quantum Corp.
 All other trademarks are the property of their respective owners.
 
 

SOURCE Exabyte Corporation
    BOULDER, Colo., April 17 /PRNewswire/ -- Exabyte Corporation
 (Nasdaq:   EXBT), a performance leader in network backup systems, announced
 today that the Company has issued $3 million of 9% Cumulative Convertible
 Preferred Stock to the State of Wisconsin Investment Board in a negotiated
 private transaction exempt from registration under Section 4(2) of the
 Securities Act of 1933, as amended.  The Preferred Stock is convertible by the
 investor into 1,250,000 shares of Common Stock at $2.40 per share.  Dividends
 are payable annually in cash or in Common Stock, if the Company is otherwise
 restricted from paying cash dividends in Common Stock.  The Preferred Stock
 does not provide either for warrant coverage or for any downward adjustment in
 the conversion price of the Preferred Stock based upon the market price of the
 underlying Common Stock.  For more detailed provisions related to this sale, a
 Form 8-K will be filed subsequently with the Securities and Exchange
 Commission.
     "I am extremely pleased with this financing with respect to both the terms
 of the instrument and the quality of the investor.  The State of Wisconsin
 Investment Board has been a significant shareholder of Exabyte since the
 Company's initial public offering in 1989," said Bill Marriner, Exabyte's
 Chairman, President and Chief Executive Officer.
 
     About Exabyte Corporation
     Exabyte Corporation is a leading supplier of tape storage devices and
 network storage solutions for the data intensive application and database
 server markets.  Exabyte engineers, manufactures and markets 8mm and
 MammothTape(TM) technology tape drives, premier storage media and libraries
 for MammothTape, DLTtape(TM) and LTO(TM) (Ultrium) tape technologies.
 NetStorM(TM), Exabyte's network storage initiative, is designed to optimize
 the performance capabilities of Exabyte's drives, autoloaders and libraries
 with other vendors' SAN offerings.  The Company's products are available
 exclusively through an extensive network of OEM, distributor and reseller
 business partners worldwide, all backed by the Company's award-winning service
 and support.
     For additional information about Exabyte and for sales, call
 1-800-EXABYTE.  For support and customer service, call 1-800-445-7736.  Please
 call (+65)-271-6331 for Asia/Pacific and (+31)-30-2548800 for European
 inquiries.  To have investor information faxed, call 201-946-0091, or download
 information from the investor relations' room on the Company's Web site.  For
 investor-related questions, please call 1-866-EXABYTE, or e-mail
 investor@exabyte.com.  Visit Exabyte on the World Wide Web at www.exabyte.com
 and www.m2wins.com.
 
     The foregoing contains forward-looking statements related to the company's
 business prospects.  Such statements are subject to one or more risks.  The
 actual results that the company achieves may differ materially from such
 forward-looking statements due to risks and uncertainties related to customer
 dependence, competition, product development, market demand, management of
 business and product transitions and other such risks as noted in the
 company's 1999 Form 10-K.  Please refer to the company's Form 10-K and
 Forms 10-Q for a description of such risks.
 
     EDITOR'S NOTES Exabyte is a registered trademark, and M2, MammothTape,
 SmartClean and NetStorM are trademarks of Exabyte Corp. LTO and Ultrium are US
 trademarks of HP, IBM and Seagate.  DLTtape is a trademark of Quantum Corp.
 All other trademarks are the property of their respective owners.
 
 SOURCE  Exabyte Corporation

RELATED LINKS

http://www.exabyte.com