Tandberg Data completes restructuring

Sydney, May 21: Tandberg Data, the global supplier of data protection solutions, today announced that the new holding company, TAD Holdings AS, has been successfully established. TAD Holdings owns all global Tandberg Data subsidiaries. Cyrus Capital is the majority shareholder and owner of the newly established company.

During the restructuring process, Tandberg Data’s global subsidiaries have remained 100 per cent focused on serving customers worldwide. Tandberg Data Corporation in the US, Tandberg Data Japan, Tandberg Data Singapore, and Tandberg Data in Europe have continued operations, research and development, sales and marketing, and have provided customers with service and support.

With the restructuring process completed, the Tandberg Data management team, led by CEO Pat Clarke, continues to run the company.

"This is a critical and very positive milestone in the continued transformation of the company,” says Pat Clarke, CEO of Tandberg Data. “The restructuring process has been tough, but it has placed the organisation on the path to profitability and success, for both the short and long term future. I have been impressed by the focus and determination of our team, and would like to thank our partners and customers for standing by us during this challenging process.”

The company now moves into the next phase of its transition, as it focuses on the continued execution of its strategic vision of providing data protection solutions, including disk, tape drives and automation, software and services, to the SMB market.

About Cyrus Capital

Cyrus Capital Partners, L.P., with offices in New York and London, is a registered investment adviser. Cyrus Capital Partners invests across the capital structure of leveraged companies throughout their life cycles, and seeks to generate attractive absolute returns that are not correlated to or dependent upon the general equity and fixed income markets.

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For further information: David Frost, PR Deadlines Pty Ltd for Tandberg Data +612-4341 5021 or 4341 5021 davidf@prdeadlines.com.au

About Tandberg Data

Tandberg Data is a leading global supplier of data protection solutions. Tandberg Data offers a wide selection of secondary storage solutions, ranging from disk-based appliances, such as the RDX® QuikStor™ and the Tandberg DPS1000 Series™ VTL, to automated tape solutions like the Tandberg StorageLoader™ and StorageLibrary™ Series. Tandberg Data also offers tape drives, based on the LTO™, SLR™, and VXA® tape technology platforms, and media. Tandberg Data solutions are supported by robust, easy to use software, such as the RDX® FileKeeper™, the continuous data protection solution for the RDX QuikStor. All solutions are supported through a worldwide service and support network, recognised globally for its outstanding levels of service. In addition to the standard warranty and support offerings, on-site service upgrades provide Tandberg Data customers with further peace of mind.

Tandberg Data products are supported by all major operating systems and software applications to successfully integrate and operate in heterogeneous storage environments. All solutions are designed to meet the growing storage requirements of small and medium sized organizations with scalability, reliability, and backward compatibility features that ensure cost effective operation and long-term investment protection.

Tandberg Data markets its solutions exclusively through a global channel of qualified resellers and distributors. This channel model is supported by OEM agreements with major server manufacturers including Apple, Fujitsu, Fujitsu Technology Solutions, HP, Hitachi, IBM, and NEC.

For further information, please visit http://www.tandbergdata.com

Tandberg StorageLibrary, StorageLoader, SecureService, DPS1000 Series, DPS1100, and DPS1200 are trademarks of Tandberg Data. RDX QuikStor and SLR are trademarks of Tandberg Data. VXA is a registered trademark of Tandberg Data. RDX is a registered trademark of ProStor Systems, Inc. LTO is a trademark of HP, IBM, and Quantum. All other trademarks are the property of their respective owners.