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| OVERLAND STORAGE ANNOUNCES $5 MILLION FOREIGN RECEIVABLE FINANCING AGREEMENT | |
| Posted: Mon Mar 30, 2009 08:00:00 AM | |
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SAN DIEGO – March 25, 2009 – Overland Storage, Inc. (Nasdaq: OVRL) today announced that it had closed an accounts receivable financing transaction with FGI Finance. Under the terms of the agreement, FGI may finance up to $5 million of Overland’s foreign accounts receivable to provide the company with accelerated liquidity. The term of the agreement is two years with annual renewals thereafter. “This financing agreement with FGI for foreign receivables complements the $9 million domestic receivable financing with Marquette Commercial Finance that was put in place last November,” said Eric Kelly, chief executive officer of Overland Storage. “It also is reflective of the fact that approximately 40 percent of our branded revenues are generated outside of North America. We believe that together these two financing arrangements will allow us to continue our recovery and execute our strategy.” |