Quantum Snaps Off Its NAS Group
R. Krause - November 8, 2000

Event Summary

Milpitas, Calif., October 24, 2000 [Source: Quantum] - Quantum Corporation's DLT and Storage Systems Group (DSS) announced plans to form two distinct companies from its current DSS businesses by making its server appliances subsidiary an independent, publicly-traded company called Snap Appliances, Inc. In a separate news release, Snap Appliances announced that it intends to file a registration statement with the Securities and Exchange Commission (SEC) for the initial public offering (IPO) of its common stock. Quantum will conduct an initial public offering for less than 20 percent of Snap Appliance shares. Approximately six months following the IPO, Quantum intends to distribute the balance of the shares to Quantum DSS stockholders subject to receiving a favorable IRS ruling and board approval. Quantum DSS will consist of two business groups: Enterprise Solutions and DLTtape. The Enterprise Solutions Group, building on the Quantum..