OAKDALE, Minn.--(BUSINESS WIRE)--Imation Corp. (NYSE:IMN) (the “Company”) today announced an agreement to sell its RDX™ Storage product line, including associated inventory, to Sphere 3D (NASDAQ:ANY) for approximately $6 million. Under terms of the agreement, Imation will receive approximately 1.5 million shares of Sphere 3D common stock, which are subject to registration by Sphere 3D.
“We’re pleased to sell RDX to a company that knows the space and is committed to the business,” said Imation’s Chief Executive Officer Mark Lucas. “Given that Imation licensed the RDX technology from Sphere 3D, RDX’s small- and medium-sized business customers and suppliers should enjoy a seamless transition without any disruption to normal business activities. For Imation, the proposed sale dovetails well with our recent efforts to grow our Storage and Security Solutions offerings while strengthening our balance sheet through the monetization of certain non-core assets.”
RDX Storage, which is part of the Imation’s Commercial Storage Media business, is a technology solution that provides disk backup for data management.
About Imation
Imation (NYSE: IMN) is a global data storage
and information security company. Our products and solutions help
organizations and individuals store, manage and protect their digital
content. Imation’s storage and security portfolio includes Nexsan
high-density, archive and solid-state optimized unified hybrid storage
solutions; IronKey™ mobile security solutions that address the needs of
professionals for secure data transport and mobile workspaces; and
consumer storage solutions, audio products and accessories sold under
the Imation, Memorex and TDK Life on Record brands. Imation reaches
customers in more than 100 countries through a powerful global
distribution network. For more information, visit www.imation.com.
