Last month, the CEO of nStor Technologies Inc. (Amex: NSO) said he was considering selling off its Fibre Channel and SATA array division (see NStor May Go Solo). Now, it looks as if the survival of nStor Corp., the company's storage division, could hinge on such a sale.
According to an SEC filing and a subsequent announcement, nStor Technologies certified public accountants, Swenson Advisors LLP, doubt the company can survive without a cash influx (see nStor Files SEC Disclosure).
NStor, which also owns Stonehouse Technologies Inc., a telecom services company, lost $28 million over the last three years; had negative working capital of $8.4 million at the end of 2003; and hasnt been able to raise the funding it needs to continue. CEO H. Irwin Levy has already loaned nStor $6.9 million and put up $6.7 million of the $9.8 million in financing that it received since 2002.
When nStor announced its earnings in March, Levy said the company was "exploring a sale of the storage division, but no decision had been made. Now, it seems that option could be more important than it initially seemed.
NStor did not respond to a call from Byte and Switch at press time.
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