Quantum Corporation's Purchases of November 2017 Convertible Notes Now Total Approximately $13 Million

SAN JOSE, Calif., Aug. 24, 2017 /PRNewswire/ -- Quantum Corp. QTM today announced that it recently purchased $6 million of its convertible notes due November 2017 in the open market, bringing its total purchases of the notes to approximately $13 million over the last nine months, all on favorable terms. Following the recent $6 million purchase, the total outstanding balance on the company's convertible notes is $57 million.

"To date, we've been using cash flow from operations to purchase our convertible notes," said Fuad Ahmad, senior vice president and CFO of Quantum. "We will utilize liquidity available under our credit facilities with PNC Bank and TCW Direct Lending as well as cash flow from operations to redeem the notes when they come due in November of this year. We have significant resources to repay the notes ― as of June 30, 2017, we had approximately $90 million in liquidity, including $20 million in a delayed draw term loan."

About Quantum

Quantum is a leading expert in scale-out tiered storage, archive and data protection, providing solutions for capturing, sharing and preserving digital assets over the entire data lifecycle. From small businesses to major enterprises, more than 100,000 customers have trusted Quantum to address their most demanding data workflow challenges. Quantum's end-to-end, tiered storage foundation enables customers to maximize the value of their data by making it accessible whenever and wherever needed, retaining it indefinitely and reducing total cost and complexity. See how at www.quantum.com/customerstories.

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"Safe Harbor" Statement: This press release contains "forward-looking" statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Specifically, but without limitation, our statements that: i) we plan to redeem the remaining $57 million of convertible notes with existing resources; ii) we will utilize liquidity available under our credit facilities as well as cash flow from operations to redeem the notes; and iii) we have significant resources to repay the notes, are forward-looking statements within the meaning of the Safe Harbor. All forward-looking statements in this press release are based on information available to Quantum on the date hereof. These statements involve known and unknown risks, uncertainties and other factors that may cause Quantum's actual results to differ materially from those implied by the forward-looking statements. More detailed information about these risk factors are set forth in Quantum's periodic filings with the Securities and Exchange Commission, including, but not limited to, those risks and uncertainties listed in the section entitled "Risk Factors," in Quantum's Annual Report on Form 10-K filed with the Securities and Exchange Commission on June 1, 2017 and in Quantum's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 9, 2017. Quantum expressly disclaims any obligation to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

Contact:
Brad Cohen
Public Relations
Quantum Corp.
408-944-4044
brad.cohen@quantum.com

Brinlea Johnson or Allise Furlani
Investor Relations
The Blueshirt Group
212-331-8424 or 212-331-8433
brinlea@blueshirtgroup.com or allise@blueshirtgroup.com

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SOURCE Quantum Corp.