Thursday, August 22, 1996
Ontrack Data International, Inc. announces filing of registration statementOntrack Data International, Inc. (Ontrack) announced today that it has filed a Registration Statement with the Securities and Exchange Commission for the sale of 2,700,000 shares of its Common Stock. 2,000,000 of the shares are being offered by the Company and 700,000 are being offered by selling shareholders. The shares will be sold to the public through an underwriting group led by Montgomery Securities, Dain Bosworth incorporated and Volpe, Welty & Company. Ontrack expects the initial offering price to be between $10.00 and $12.00 per share. Upon conclusion of the offering, Ontrack will have 9,602,674 shares outstanding. In addition, Ontrack will grant the underwriters an option to purchase up to an additional 405,000 shares to cover any over-allotments.
Ontrack is a leading provider of data recovery services to a broad range of customers experiencing a loss of valuable computer data. The Company also develops and markets certain commercial software products, including Disk Manager(R), a hard disk drive installation software utility which the company has marketed since 1985.
The Company intends to use the proceeds of the offering for working capital and other general corporate purposes.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
Copies of the prospectus, when available, may be obtained from Montgomery Securities, 600 Montgomery Street, San Francisco, California 94111, Dain Bosworth Incorporated, 60 South Sixth Street, Minneapolis, Minnesota 55402 or Volpe, Welty & Company, One Maritime Plaza, 11th Floor, San Francisco, California 94111.
Ben Blomberg, 952-516-3617, Ben.Blomberg@krolldiscovery.com