Kunal,
This is a press release regarding the Seagate and Iomega deal.
ROY, Utah--(BUSINESS WIRE)--July 16, 1996--Iomega Corporation (NASDAQ:IOMG)
and Seagate §Technology§, Inc. (NYSE:SEG) announced today that Seagate will
manufacture removable disc cartridges for Iomega's popular line of Jaz drives.
Seagate has begun §product§ion and shipment of the Jaz disc cartridges and
expects to reach volume manufacturing in late third quarter, 1996.
A recognized leader in time-to-volume manufacturing and §technology§
§develop§ment, Seagate is providing Iomega with world-class §product§ ramp
capability and access to its high quality components for the Jaz disc
cartridges. The removable cartridges will use Seagate advanced media and media
from other suppliers designed for use with proximity thin-film recording heads
like those used in Jaz drives.
"With a proven manufacturer like Seagate backing the Jaz §technology§, the real
winners will be present and future Jaz owners," said Kim Edwards, CEO and
president of Iomega. "Seagate will enable us to supply large quantities of Jaz
discs, a much needed asset as Jaz §emerg§es as a new standard throughout the
high-end removable storage market."
With an estimated street price as low as $499 for the external version and as
low as $399 for the internal version, the Jaz drive is ideal for adding
additional storage space, providing high performance back-up with instant
recovery and serving as an indispensable tool for audio/video (A/V) §develop§ment,
and for graphics professionals. The Jaz drive offers unlimited capacity through
one-gigabyte cartridges priced as low as $99 when purchased in multi-packs.
"Iomega is a demonstrated leader in removable data storage §product§s," said Ron
Verdoorn, Seagate executive vice president and Storage §Product§s Group COO. "By
recognizing and utilizing Seagate's high volume manufacturing expertise and
exceptional vertical integration capabilities, Seagate and Iomega are creating a
very dynamic and synergistic relationship that should prove beneficial to both
companies."
Iomega Corporation provides personal computer storage solutions that help
people manage their computer stuff -- anywhere. These solutions include: Zip
drives and discs; Jaz one-gigabyte drives and discs; Ditto tape backup drives
and tape cartridges; and the Bernoulli line of removable drives and discs. Used
in homes, business, government and education, and by creative professionals,
Iomega storage solutions are available through computer retail stores, resellers
and major distributors. The company can be reached at 800-MY-STUFF
(800-697-8833). Iomega's home page address on the World Wide Web is
iomega.com.
Seagate §Technology§, Inc. is a data §technology§ company that provides §product§s
for storing, managing and accessing digital information on the world's computer
and data communications systems. Seagate is the largest independent disc drive
and related components company in the world. Seagate's home page address on the
World Wide Web is seagate.com.
Note to Editors: Iomega and Bernoulli are registered trademarks of, and Zip,
Ditto, Jaz, Jet, and the Iomega logo are trademarks of Iomega Corporation. All
other brand and §product§ names are marks of their respective companies. Seagate
and Seagate §Technology§ are registered trademarks of Seagate §Technology§, Inc.
CONTACT: Iomega Corporation
A. Cory Maloy, 801/778-3712
or
Iomega Investor Relations, 801/778-3585
or
Copithorne & Bellows
Alison Evans, 415/284-5200
or
Kalt Rosen & Associates
Howard Kalt, 415/397-2686
or
Seagate §Technology§
Woody Monroy, 408/439-2838
Woody_Monroy@notes.seagate.com
07:41 ET JUL 16, 1996
News Source:Business Wire
Company:IOMEGA CORP. (IOMG);SEAGATE §TECHNOLOGY§ INC. (SEG);
Equity Market:N;Y;
CUSIP Number:462030-107;811804-103;
Exchange:NMS;New York;
Option Cycle:February Expiration Cycle (February/May/August/November);January Expiration Cycle (January/April/July/October);
Status:(OPTION: SGQ);
Industry:COMPUTERS (I/CPR);COMPUTER PERIPHERALS (I/PRF);
Subject:BUSINESS WIRE (N/BW);NON-GOVERNMENT CONTRACTS (N/CTC);HIGH-YIELD ISSUERS (N/HIY);§NEW PRODUCT§S AND SERVICES (N/PDT);PRESS RELEASE WIRES (N/PREL);WORLD EQUITY INDEX (N/WEI);
Market Sector:§TECHNOLOGY§ (M/TEC);
§Product§/Service:COMPUTER HARDWAREARE (P/DCO);
Geographic Region:CALIFORNIA (R/CA);NORTH AMERICA (R/NME);PACIFIC RIM (R/PRM);UNITED STATES - REGIONAL NEWS CODE FOR WIRES (R/US);WESTERN U.S. (R/USW);UTAH (R/UT);
Message 0183 from PR
Copyright 1996 Dow Jones and Company, Inc. |
