Folks;
I find it difficult to form an opinion concerning NFR (near field recording) and the relative positions of the two primary players, Quinta and TeraStor. That there seems to be a lot of promise in the technology seems obvious. But then, at one time there was a great deal of obvious promise held out in so-called "vertical recording" which was perhaps, best expressed in the millions of venture dollars that were consumed by Censtor with nothing to show for it. Is NFR a similar situation. Too soon to tell but I would love to hear from anyone more knowledgeable then I on this subject. FWIW TeraStor announced a round of mezzanine financing today as follows:
TeraStor Raises $20 Million in Latest Round of Financing
January 28, 1999
SAN JOSE, Calif.--(BUSINESS WIRE) via Individual Inc. -- Jan. 27, 1999--TeraStor Corp. today announced it has raised $20 million in its latest round of financing.
UTIMCO (The University of Texas Investment Management Company), Winton Partners, Winfield Capital and private individuals join Information Technology Ventures (ITV), Charter Ventures, Vulcan Ventures, and Penn Janney as investors in TeraStor.
"Near Field Recording(TM) (NFR(TM)) technology has sustained a high level of excitement within the storage industry that has attracted new investors, " said Jim McCoy, TeraStor's chairman and CEO. "The completion of the latest round of financing underscores our investors' confidence in TeraStor as we transition the company from development to commercialization and bring NFR products to market in 1999."
The support from TeraStor's investors validates the company's technology as a leading next-generation storage solution that will have a significant impact on the storage industry. The latest round of funding from leaders in the investment community reiterates their confidence in NFR and enables TeraStor to move forward to deliver NFR products that meet the increasing market demands for high-capacity, high-performance storage.
TeraStor's NFR technology delivers dramatically higher capacity random access removable products at a lower cost than existing tape and magneto-optical (MO)-based solutions. In addition, this capacity advantage is sustainable well into the future. Available later this year, TeraStor's first NFR product family members will support either 10GB or 20GB capacities and are designed for enterprise online backup, archiving and automated library solutions.
Headquartered in California, the company's offices are located at 2310 North First Street, San Jose, CA 95131; telephone: 408/914-4000; fax: 408/914-4008. For the most up-to-date information about TeraStor or its NFR technology, visit the company's web site at terastor.com.
Note to Editors: Near Field Recording, NFR and NFR Drives are trademarks of TeraStor Corporation. All other trademarks are property of their respective owners.
Investor Reference Page
1. "TeraStor is on its way to becoming a leader in the industry with
its extraordinary team of professionals focused on producing
high-capacity storage products," said Tim Stepanek, Winton
Partners. "We are confident TeraStor will produce excellence, and
are proud to be a part of that developmental process."
2. "TeraStor's ability to create leading-edge technology that will
influence many facets of the storage industry is truly a great
investment opportunity," said Todd Snyder, Winfield Capital. "We
look forward to working with TeraStor and are confident in the
Company's ability to transition NFR to successful product
development."
3. "TeraStor has revolutionized the storage market with the
introduction of a technology capable of altering future
performance expectations," said Mark Dubovoy, ITV. "We expect
TeraStor's breakthrough technology to redefine a number of
segments within the storage industry."
4. "We see TeraStor's new NFR technology as occupying a pivotal
position in the market that could easily have a global impact,"
said A. Barr Dolan, Charter Ventures. "We are pleased to support
TeraStor and are excited to watch them gain momentum in the
storage industry."
5. "TeraStor's high-capacity storage technology could serve as a
leader for other companies to follow in the future construction
of advanced technologies," said Kevin Ober, Vulcan Ventures Inc.
"We eagerly await its commercial availability."
6. "We believe TeraStor, using its proprietary NFR technology, is an
exciting company with significant market potential, and a very
able, experienced management team," said Richard Fox, Penn
Janney.
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