February 21, 2018 / 1:13 PM / 3 months ago

BRIEF-Sphere 3D Announces Definitive Agreement To Sell Data Protection And Archive Business

Feb 21 (Reuters) - Sphere 3D Corp:

* SPHERE 3D ANNOUNCES DEFINITIVE AGREEMENT TO SELL DATA PROTECTION AND ARCHIVE BUSINESS

* SPHERE 3D CORP - TO SELL DP&A BUSINESS TO SILICON VALLEY TECHNOLOGY PARTNERS LLC

* SPHERE 3D CORP - SILICON VALLEY TECHNOLOGY PARTNERS INTENDS TO FINANCE SUCH PURCHASE THROUGH RAISING CAPITAL FROM COALITION OF PRIVATE ENTITIES

* SPHERE 3D CORP - AT CLOSING OF DEAL, CO TO GET $45 MILLION, SUBJECT TO A WORKING CAPITAL ADJUSTMENT

* SPHERE 3D CORP - PROCEEDS FROM TRANSACTION WILL BE USED BY SPHERE 3D TO PAY OFF EXISTING DEBT OBLIGATIONS

* SPHERE 3D CORP - ‍ SPHERE 3D HAS UNANIMOUSLY APPROVED TRANSACTION UPON UNANIMOUS RECOMMENDATION OF A SPECIAL COMMITTEE OF BOARD OF DIRECTORS OF CO Source text for Eikon: Further company coverage:

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