Struggling storage subsystem player
nStor Technologies Inc. (Amex: NSO)
has been thrown a lifeline, or at least offered one, in the shape of $12 million offer by an undisclosed private investor that wants 45 percent of the company in return.
The offer, announced today by nStor, also requires nStor to convert all its preferred stock into common stock, as well as other conditions not disclosed (see NStor Fields an Offer). nStor, a spinoff from Seagate Technology Inc. back in 1996, has until 25 July to respond to the proposal.
And thats not all thats been going on at nStor this week. The company's CEO, Larry Hemmerich, stepped down on Tuesday, and his deputy, Thomas Makmann, was named president and chief operating officer. Additionally, the board of directors elected its chairman, H. Irwin Levy, as acting CEO. According to a statement issued by nStor, Hemmerich left for personal reasons but has agreed to remain on as a consultant.
So why all the fuss about nStor?
Frankly, the company could be doing a lot better. Perhaps, with a fresh injection of cash (if they accept it) and new management, it stands a chance. At the end of March, nStor reported a first-quarter 2001 net loss of $3.6 million on revenues of $6.2 million, compared with net income of $2.4 million on revenues of $12.5 million for the same quarter a year ago. nStors stock closed Wednesday at 0.51 a share, down 8.93% from the previous day's close.
Hemmerich blamed the companys poor first-quarter earnings on the overall economic slowdown and delayed purchasing cycles, a common complaint of late.
Bob Friday, Chief AI Officer for Juniper Networks, explains how the advanced technology is transforming operations.
Contact center leaders from 8x8, Awaken Intelligence, and 360insight discuss the importance of agent experience.
AI may force enterprises to rewire parts of their data centers so they are fully optimized to run such workloads. The question is do you use Ethernet or InfiniBand?
