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Technology Stocks : The New QLogic (ANCR) -- Ignore unavailable to you. Want to Upgrade?

To: Nine_USA who wrote (20436)	1/27/1999 11:56:00 AM
From: Neil S	Read Replies (2) \| Respond to of 29386

Fibre Channel Association Annual Summit Focuses on End User Issues; FCA Adds New Directors from CISCO, 3Com, HP, Sun, and Seagate MOUNTAINVIEW, Calif., Jan. 27 /PRNewswire/ -- Storage and networking leaders worldwide gathered last week in Los Angeles to attend the Fibre Channel Association's (FCA) Annual Summit meeting. Topics at the two-day conference focused on end-user issues such as interoperability, system management, and ease-of-use, as well as future trends and standards development. The FCA consists of more than 100 leading storage and networking providers that meet throughout the year to work on issues to speed Fibre Channel implementation. This year the FCA Board took a major leap forward and further solidified its leadership with additions of new directors from industry leaders: Scott Palmquist, Cisco Systems; Randy Meals, 3Com Corporation; Julian Elliott, Hewlett-Packard; Howard Alt, Sun Microsystems (Nasdaq: SUNW); and Nancy Kuehn, Seagate Technology (NYSE: SEG). They join second-year board members: Carla Kennedy, Ancor Communications (Nasdaq: ANCR); Dale Head, Amdahl Corporation; Kumar Malavalli, Brocade Communications; Dennis Talluto, Electronic Data Systems (NYSE: EDS); Clod Barrera, IBM; and Linda Reed, McDATA Corporation. Keynote speaker, George F. Ackels, EDS vice president of the centralized systems management service line, said, "Fibre Channel has revolutionized the storage industry. It's the infrastructure of the future, and the Fibre Channel Association is the driving force that will put the pieces together to deliver a solution to end users." Other key presentations highlighted the rapidly growing worldwide acceptance of Fibre Channel technology, including market updates by Paul Talbot of FCA-Europe and Yuichi Arai of FCA-Japan, who are voting liaison board members to the FCA in the U.S. The FCA Annual Summit also kicked off a number of initiatives for 1999, including end-user seminars, interoperability efforts, tradeshow participation, and website enhancements. For more information on the FCA or for membership information go to fibrechannel.com. Media can contact Mary Miller at 612-932-4071 or marym@ancor.com. SOURCE Ancor Communications, Inc. CO: Ancor Communications; Fibre Channel Association; ST: California, Minnesota IN: CPR MLM SU: 01/27/99 11:47 EST prnewswire.com

To: Nine_USA who wrote (20436)	1/27/1999 12:39:00 PM
From: Greg Hull	Respond to of 29386

Herb, <<Several people have referred to a small amount of convertible PFD remaining unconverted. Can you see a plausable rationale for this? If the price to convert at is to rise over time due to the recent ANCR price strength, wouldn't the PFD holders need ANCR to go up 2 points for each 1 point increase in the conversion price just to break even, since they had a guaranteed 100% return recently if they DID convert?>> I realize you addressed your question to Greg Jennings, but I'll throw in my two cents' worth. The Series C preferred shareholders have 3 years to convert, and we are just approaching the end of the first year. There is a maximum conversion price which will supercede the formula we've concentrated on since last fall. I'd have to dig into the filings again to get the exact wording, but I'm thinking that the maximum price was established by the closing bid price of the first few weeks after the placement, and that it is in the $8 vicinity. If they aren't interested in the cash now, they might as well wait to convert. There is no penalty for doing so and they accrete an extra 8% per annum in additional shares by waiting to convert. There is no need for them to assume market risk by holding common shares long; they can reap the benefit of a high share price a year from now and not pay a penalty with a high conversion price. Somebody may think that is is worth waiting to see if ANCR will benefit from the FC phenomenon. Greg