Sphere 3D Corp ANY

Put the pieces of the puzzle together- ANY

[Bedilgent]

Enclosed is a news release by Overland Storage Inc. and Tanberg Data which is a private company owned by Cyrus Capital a hedge fund out of New York and London. They have 3.4 billion under assets. The details of the transaction are highlighted below, but I find it very interesting that 81% of their convertible debt was converted into Overland common shares at a large premium of $1.30 per share. Eric Kelly is chairman of the board of Sphere3D so the ramifications for Sphere3D and our Glassware 2.0 patented technology are significant. 16,000 channel and service providers sounds very positive to me. The US players are clearly lining up in support of ANY. If you want to learn more, listen into the conference call this afternoon at 4pm .The call in number is listed in the news release. IMO and good luck

OVERLAND STORAGE INC (U-OVRL) - News Release

Overland Storage Enters Into Definitive Agreement to Acquire Tandberg Data

2013-11-01 06:30 ET - News Release

SAN DIEGO, CA and DORTMUND, GERMANY -- (Marketwired) -- 11/01/13

Overland Storage (NASDAQ: OVRL) and Tandberg Data Holdings S.à r.l. today announced a definitive agreement for Overland to acquire Tandberg Data, a privately held global leader of data storage and data protection solutions that generated revenue for the twelve months ended June 30, 2013 of approximately $60 million on a US GAAP basis.

"The Overland and Tandberg combination will accelerate our strategy of becoming a global leader in the data management and data protection industry," said Eric Kelly, president and CEO of Overland Storage. "With more than $100 million in annual revenue for the combined company during the last fiscal year, we expect the combination of these two businesses to provide us with a clearer path to profitability. The combined company will offer one of the broadest product lines and service offerings in the enterprise storage marketplace, and have the resources necessary to expand our market presence, fuel our growth and deliver innovative products and cloud offerings in the future."

"The combination of Overland and Tandberg will expand our geographical reach in Europe, Asia and the Middle East, as well as strengthen the research and development team. It will also enable us to leverage the world-class manufacturing facility in China."

"We look forward to joining forces with Overland and are excited to combine our substantial resources to create a stable platform for profitability, enabling greater focus on accelerating revenue growth," said Patrick Clarke, CEO of Tandberg Data. "Together we will be able to support our customers globally with over 16,000 channel and service partners."

Under the terms of the agreement:

• 100% stock transaction.
• Cyrus Capital, the owner of Tandberg Data, and other convertible debt holders will convert approximately 81% of their currently outstanding convertible debt into shares of Overland common stock at a price of $1.30 per share.
• Eric Kelly will continue to serve as president and CEO of the combined company, Kurt Kalbfleisch will continue to serve as CFO and Randy Gast of Overland will serve in newly created position of COO.
• Overland's board of directors will be expanded to seven directors, of which five will be current board members, and the other two of which will be new board members appointed by Cyrus Capital.

The acquisition is currently expected to be completed by the end of December 2013, subject to customary closing conditions, shareholder and regulatory approvals.

Tandberg Data Holdings S.à r.l is a leading global supplier of data storage and data protection solutions for small and medium-sized businesses, remote offices, departments and workgroups. Headquartered in Dortmund, Germany, Tandberg with offices around the world including the US, Japan, and France, and a manufacturing facility in China. Tandberg markets its solutions through a global channel of qualified resellers, distributors, and OEM manufacturers including Apple, Fujitsu, Toshiba, HP, Hitachi and NEC.

Additional Information and Where to Find It
This communication may be deemed to be solicitation material in respect of the proposed acquisition of Tandberg by Overland and the associated issuance of shares of common stock in connection therewith. In connection with the proposed acquisition, Overland intends to file relevant materials with the SEC, including Overland's proxy statement on Schedule 14A. STOCKHOLDERS OF OVERLAND ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING OVERLAND'S PROXY STATEMENT, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders will be able to obtain the documents free of charge at the SEC's web site, https://www.sec.gov, and Overland's stockholders will receive information at an appropriate time on how to obtain transaction-related documents for free from Overland. Such documents are not currently available.

Participants in Solicitation
Overland and its directors and executive officers, Tandberg and its directors and executive officers, and Cyrus Capital and its directors and executive officers may be deemed to be participants in the solicitation of proxies from the holders of Overland common stock in respect of the proposed transaction. Information about the directors and executive officers of Overland is set forth in the proxy statement for Overland's Annual Meeting of Stockholders held on June 18, 2013, which was filed with the SEC on May 17, 2013. Investors may obtain additional information regarding the interest of such participants by reading the proxy statement regarding the acquisition when it becomes available.

Investor Conference Call:
Overland will host an investor conference call today, Friday, November 1, at 4:30 pm ET (1:30 pm PT) to discuss today's announcement. To access the call dial 877-941-2068 ([phone] outside the United States) and when prompted provide the pass code "Overland Storage" to the operator. Participants are asked to call the assigned number approximately 10 minutes before the conference call begins. In addition, a live and archived webcast of the conference call will be available over the Internet at www.overlandstorage.com in the Investor Relations section. A replay of the conference call will also be available via telephone by dialing [phone] ([phone] outside the United States) and entering access code, 4649011#, beginning approximately two hours after the conclusion of today's call and remaining until 11:59 p.m. ET on November 8, 2013.