Here's more news - The Sky's the Limit !
CHATSWORTH, CALIF. (Sept. 18) BUSINESS WIRE -Sept. 18, 1996--StreamLogic Corp. (NASDAQ:STLC), Wednesday announced that it has purchased $2.5 million of Concentric Network Corp. Series D Preferred Stock. The Preferred Stock Purchase Agreement, originally dated Aug. 21, 1996, included certain other institutional purchasers of the preferred shares.
"StreamLogic's investment validates our faith in Concentric's business prospects," commented J. Larry Smart, StreamLogic's president and chief executive officer. "We believe their technology path to the future is the right one in that it includes the implementation of advanced technologies similar to those being developed by StreamLogic and Sattel."
Concentric Network, based in Cupertino, Calif., is a leading provider of virtual private networks, intranet customized consumer applications and is one of the largest low-cost gateways to the Internet. Founded in 1991, Concentric is privately held.
StreamLogic develops and markets leading-edge video delivery, digital media storage and networking RAID and data management solutions. Current product offerings include VIDEON, the industry's first family of video-on-demand server subsystems, the innovative Video Disk Recorder (VDR) video editing appliance, the award-winning Hammer high-performance storage products and the industry-leading RAIDION family of fault-tolerant network RAID and data management solutions.
The company sells to OEMs and system integrators, and has a well-established international network of distribution and dealer channel partners. StreamLogic corporate headquarters are located in Chatsworth, with marketing, sales, engineering, customer service and manufacturing operations in Menlo Park, Calif., and Chatsworth.
StreamLogic, VIDEON, Hammer and RAIDION are trademarks or registered trademarks of StreamLogic Corp. Additional information on StreamLogic can be found at streamlogic.com.
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CONTACT: StreamLogic Corp., Chatsworth
Lee Hilbert, 818/701-8404
Vivien Avella, 818/701-8419
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