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Technology Stocks : Son of SAN - Storage Networking Technologies -- Ignore unavailable to you. Want to Upgrade?

To: George Dawson who wrote (1437)	8/19/1999 4:26:00 PM
From: trendmastr	Read Replies (1) \| Respond to of 4808

here comes another one: August 19, 1999 14:52 Crossroads Systems Takes IPO High Road, To Offer $46M Of Stock (NewsTraders.com)-- Crossroads Systems Inc., a provider of routers for storage area networks (SANs), is hoping to offer as much as $46 million of common stock in an initial public offering, according to an original S-1 filing released by the SEC late yesterday. Details concerning the number of shares to be offered or an expected price range for the shares were not provided in the preliminary regulatory document. The Austin, Texas-based company said its storage routers decrease network congestion, reduce time required for data backup, improve utilization of storage resources and preserve and enhance existing systems. Big-name investors in the firm include Intel Corp. (INTC) and Hewlett-Packard Co. (HWP) with 6.7% and 5.5% respective stakes prior to the offering. Crossroads plans to use the offering's proceeds, which were not estimated, for general corporate purposes including capital expenditures, working capital and expansion of research and development and sales efforts. For the nine months ended July 30, the company posted a net loss of $3.6 million on $11.8 million in revenue. The company maintains an Internet presence at www.crossroads.com. IPO Expectations: Price per share: Unknown Shares being offered: Up to $46 million of common stock Shares to be outstanding: Unknown Company location: Austin, Texas Exchange/Symbol: Nasdaq/CRDS Underwriter(s): S.G. Cowen; Dain Rauscher Wessels; Morgan Keegan Co. Copyright 1999 NewsTraders Inc. All Rights Reserved 15:01 Thursday, August 19, 1999