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SAN DIEGO, CA -- December 20, 2013 -- Overland Storage (NASDAQ: OVRL), a trusted global provider of unified data management and data protection solutions across the data lifecycle, today announced that it has filed with the Securities and Exchange Commission definitive proxy materials in connection with its previously announced definitive agreement to acquire Tandberg Data Holdings S.a.r.l. ("Tandberg").

The Company expects to begin mailing the definitive proxy materials to its shareholders the week of December 23rd. The special meeting of Overland shareholders will be held on Thursday, January 16, 2014 at 1:00 p.m. Pacific Time. The meeting will be held at CityView Plaza, 125 South Market Street, 2nd Floor, Room 225B, San Jose, California. All shareholders of record of Overland's common stock as of the close of business on December 9, 2013 will be entitled to vote their shares at the meeting either in person or by proxy.

The Overland board of directors unanimously recommends that Overland shareholders vote "FOR" the proposal to approve the issuance of shares of the Company's common stock to the shareholders of Tandberg pursuant to the acquisition agreement and each of the other proposals described in the definitive proxy materials. Under the terms of the acquisition agreement, the shareholders of Tandberg will be entitled to receive 47,152,630 shares of common stock of the Company, subject to certain adjustments as defined in the proxy materials filed with the SEC.

The acquisition, which is currently expected to be completed by the end of January 2014, remains subject to customary closing conditions, including shareholder approval.