Corrects And Replaces Previous Third Quarter Storage Access Corrects And Replaces Previous Third Quarter Results And Share Reductions Release, BW2336-11/30, FL-STORAGE-ACCESS
13:54 EST Tuesday, December 04, 2001
TORONTO, ONTARIO--
NOTE: The following news release replaces and corrects the previous Storage Access release which ran earlier Friday on Business Wire, BW2336 (FL-STORAGE-ACCESS)
Storage Access Announces Third Quarter Results and Share Reductions
Storage Access Technologies, Inc. (CDNX:SSP) today announced its operating and financial results for the quarter and nine months ended September 30, 2001 and reductions in common shares.
Net Loss attributable to common stockholders for the quarter ended September 30, 2001 was $3.5 million or ($0.06) per share, compared to $ 11.0 million, or ($0.59) per share for the quarter ended September 30, 2000. Total operating expenses decreased by $7.5 million to $3.5 million from $11.0 million for the quarters ended September 30, 2001 and 2000 respectively. The loss for the 3 months ended September 30, 2000 was primarily related to the sale of the mining operations of the company.
The company had cash and cash equivalents of $ 9.2 million at September 30, 2001.
"During the third quarter the company completed the development and roll out of the Miami and New York utilities, and developed the utility for Q4 deployment in Atlanta, establishing a platform for future revenue growth," said new CEO and Chairman Ian Sutcliffe.
On September 7, 2001, shareholders Taribo Holdings Limited ("Taribo") and Miguel De La Campa each acquired 2,640,000 common shares (4.7% each) of Storage Access Technologies Inc. (CDNX:SSP) from Champion Solutions Group, Inc. in exchange for the assumption by Taribo and Mr. De la Campa of the Champion Shareholders' promissory note (the "Note") to Storage Access in the amount of approximately US$482,000, as of today.
On October 1, 2001, Mr. De La Campa and Taribo Holdings Limited each returned 1,640,000 common shares (2.8% each) to the Corporation for cancellation. The cancellation of the 3,280,000 common shares was part of a severance agreement with Messrs. Miguel De la Campa (former director), former CEO and director Serafino Iacono, and former corporate secretary Peter Volk. This package included, but was not limited to, US$550,000 in severance pay, the cancellation of all previously held stock options, and the issuance of 1,500,000 new stock options at C$0.50, expiring on March 31, 2003. Mr. Iacono provides Taribo Holdings Limited with investment advice.
On October 5, 2001, former President Jonathan Castleman returned to the Company for cancellation, 1,400,000 shares of Storage Access Technologies, Inc. stock as part of his severance agreement whereby he received US$80,000. The effect of these cancellations will reduce shares outstanding by 4.68 million shares to 54,682,651 shares of Company common stock, issued and outstanding at the time of this release.
About Storage Access
Storage Access is a provider of managed storage solution services that meet customer demands for efficient management, storage and protection of corporate data. These services are hosted remotely (or at customer facilities), and are delivered on a subscription basis. Storage Access reduces total cost of ownership by saving customers the equipment, facilities, and management costs associated with storing and archiving corporate data. Storage Access offerings include data backup and restore services, capacity on demand, data replication, business continuance and storage consulting solutions. Additional information can be found at https://www.storageaccess.com.
This release may contain forward-looking statements that involve risks and uncertainties. These statements may involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of Storage Access or industry results to be materially different from any future results, performance, or achievement expressed or implied by such forward-looking statements.
Such factors include, among others, the following: general economic and business conditions, demographic changes, regulation, major technology changes, timing of product introductions, competition, and the ability of Storage Access to attract and retain key employees.
FOR FURTHER INFORMATION PLEASE CONTACT: Storage Access Technologies, Inc., Boca Raton, Fla., Vance Kistler, (561) 417-0324 ext. 107
© 2001 Canadian Corporate News Inc.