Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : Seagate Technology - Fundamentals -- Ignore unavailable to you. Want to Upgrade?

To: Robert Douglas who wrote (819)	4/14/1999 2:27:00 PM
From: Duker	Respond to of 1989

Seagate Forms Venture Capital Fund to Fuel Storage Intensive Applications Initial $25 Million to Focus on Companies Developing Technologies in Consumer And Storage Networking markets SCOTTS VALLEY, Calif., April 14 /PRNewswire/ -- Seagate Technology, Inc. (NYSE: SEG - news), the world's leading disc drive supplier and pioneer in the consumer information appliance market, today announced it has set up a venture capital fund, with initial funding of $25 million. The Seagate Venture Fund will provide seed capital and first round financing, with likely investment targets being software, services, and hardware companies creating and developing technologies in storage-intensive applications. Seagate intends to invest side-by-side with top-tier venture capital investment firms. Investments from this fund began in the first half of 1999. Seagate's track record includes mergers with leading storage technology companies including Conner Peripherals and the Imprimis division of Control Data, along with equity investments in Gadzoox Microsystems, Dragon Systems, San Disk and CVC. The new Seagate Venture Fund will pursue a venture-based, non-controlling interest in companies not necessarily in the Company's core business, but that will drive future demand for storage. ''As we've continued to drive the development of next generation storage architectures, like Storage Networking and Consumer Information Appliances, the creation of this fund will aid our efforts by seeding the market with companies developing tomorrow's killer applications,'' said Seagate president and chief executive officer Steve Luczo. Seagate Technology, Inc. is a leading provider of technology and products enabling people to store, access, and manage information. The Company is committed to providing best-in-class products to help people get information when, where and how they want it. Seagate is the world's largest manufacturer of disc drives, magnetic discs and read-write heads, an innovator in tape drives, and a leading developer of Enterprise Information Management software. Seagate can be found around the globe and at seagate.com. For automated news, stock, and financial information by phone, dial toll-free 877-SEG-NYSE. Outside the U.S. and Canada, dial 760-704-4368.