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Technology Stocks : Storage Technology- STK -- Ignore unavailable to you. Want to Upgrade?

To: m33806 who wrote (489)	4/11/1999 12:17:00 AM
From: hui zhou	Read Replies (1) \| Respond to of 560

Chinese Premier Zhu Rongji Visits StorageTek Business Wire - April 10, 1999 21:48 LOUISVILLE, Colo.--(BUSINESS WIRE)--April 10, 1999-- Premier Meets With CEO David E. Weiss; Views Advanced Digital-Storage Devices Being Assembled; Accepts Gift For The People Of China Chinese Premier Zhu Rongji saw some of the world's most advanced digital-information storage systems during a tour of StorageTek(TM) (Storage Technology Corp., NYSE:STK) here this afternoon. Zhu toured the headquarters of the $2.3 billion global provider of digital storage with Bill Owens, governor of Colorado; David E. Weiss, chairman, president and chief executive officer of StorageTek; Bruce Taafe, vice president and general manager of StorageTek international operations; and Felix Liu, general manager of StorageTek's marketing office in China. StorageTek Chairman Weiss presented Zhu with a StorageTek automated tape library to be given to the people of China. The storage system will allow one of China's top medical facilities to store up to 120,000 medical images, such as x-rays, CAT scans and magnetic resonance images (MRIs). The StorageTek 9730 automated tape library measures only 18 inches high by 19 inches wide and weighs 110 pounds. In addition, Weiss presented the premier with a crystal vase etched with the profile of the Flatirons, a scenic mountain range that is visible from StorageTek. Premier Zhu and his entourage saw first-hand the full range of StorageTek products, storage management software and services, and mixed freely with employees who test and assemble the company's fastest-selling storage device, the 9840 tape drive. The StorageTek 9840 is the first new-generation tape drive designed to span the range of computing environments from networked PCs to the largest mainframe computers. In demand worldwide, it is being manufactured seven days a week at the company's headquarters in Louisville, Colorado, and at manufacturing operations in Ponce, Puerto Rico. A key component of this advanced technology drive -- the recording head assembly -- is manufactured in Zhuhai, Guongdong, China, as well as in Louisville. "As China moves rapidly into the digital age," said Weiss, "StorageTek solutions will play an important role in building China's business infrastructure in health care, banking and financial services, meteorology and telecommunications. China could well be the fastest-growing information technology market in the world during the twenty-first century, and we believe that American companies should participate fully in that opportunity." StorageTek opened a representative office in Beijing in 1998, after selling through distributors in China since the early 1990s. The information technology market in China is expected to grow at a compound annual growth rate (CAGR) of more than 25 percent through the year 2002, according to industry consultant International Data Corp. The more mature U.S. market is projected to grow at only 10 percent CAGR during the same period, said IDC. About StorageTek StorageTek is the preeminent provider of network storage. The company's strategy is to provide "Open, Intelligent and Integrated"(TM) solutions that combine storage products, storage management software and storage services. StorageTek solutions help customers collect, move, store, share and protect all types of digital content on platforms ranging from laptops to enterprise servers. The company, with headquarters in Louisville, Colo., reported revenue of $2.3 billion in 1998. Information on StorageTek is available on the World Wide Web at www.storagetek.com or phone 1-800-786-7835. TRADEMARKS: StorageTek and "Open, Intelligent and Integrated" are trademarks of Storage Technology Corporation. CONTACT: StorageTek, Louisville David Reid, 303/673-4815 david_reid@storagetek.com