SyQuest Hires CIBC Oppenheimer to Explore Financing, Options
Fremont, California, July 20 (Bloomberg) -- SyQuest Technology Inc., one of the largest makers of removable computer storage disks, said it hired CIBC Oppenheimer to help the struggling company explore acquisitions and financing.
SyQuest, whose shares have plunged to little more than a dollar from 18 1/2 in January 1995, has been hurt by slowing sales and weakening demand for personal computers. Rival Iomega Corp. last month cut prices as much as 26 percent on its newest Jaz disk drives in a bid to revive sales.
Investment-banking firm CIBC Oppenheimer will assist Fremont, California-based SyQuest with its ''ongoing review of strategic and financial alternatives,'' SyQuest said. The firm also will help SyQuest with any ''public or private offerings, either debt or equity.''
SyQuest has posted losses totaling more than $200 million
since 1995. SyQuest fell 1/32 to 1 3/8 in midday trading.
--Duncan Martell in the San Francisco newsroom (415) 912-2993
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