Thursday October 22, 2:09 am Eastern Time
Company Press Release
SOURCE: Storm Technology, Inc.
Storm Technology Files Voluntary Chapter 11
Petition
MOUNTAIN VIEW, Calif., Oct. 21 /PRNewswire/ -- Storm Technology, Inc. (OTC Bulletin Board: EASY - news) today
announced that it had filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code with the
United States Bankruptcy Court, Northern District of California.
L. William Krause, Storm's President and CEO said, ''Our primary objective is to work in the best interest of our customers,
employees and creditors. While we are not pleased to seek Chapter 11 relief, we think this action provides us with the best
opportunity to develop a plan for Storm to achieve financial stability going forward. We regret any impact this has had on the
shareholders and suppliers who have supported us for so many years.''
Forward-looking statements contained in this release are made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Investors are cautioned that these forward-looking statements are subject to a variety of risks
and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statement,
including, but not limited to, the ability of the Company to complete a Chapter 11 reorganization plan, to negotiate satisfactory
terms with lenders, vendors and creditors and to obtain court approval of post- petition financing. In addition, actual results may
differ due to further deterioration of the Company's financial performance, adverse changes in the Company's ongoing business
relationships with vendors and suppliers relative to product shipments and credit terms, and adverse economic conditions.
Further information on potential factors which may affect the company's results are included in the company's Annual Report on
Form 10-K for the year ended December 31, 1997.
About Storm Technology
Storm Technology, Inc. (http://www.stormtech.com) is a supplier of personal scanners that enable customers to input, organize,
store and use digital images with their computers. Storm's current scanner line includes EasyPhoto ImageWave(TM),
EasyPhoto SmartPage Pro(TM), ImageStudio(TM) VF, PageScan(TM) USB, TotalScan(TM) and TotalScan Express(TM).
Storm scanners are sold at major computer retailers in the United States, Canada and Europe. Founded in 1990, Storm is
based in Mountain View, California.
SOURCE: Storm Technology, Inc. |
