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Adaptec CFO resigns; NetConvergence gets second round financing

Stocks, funding rounds and resignations. Here's a look at some of this week's news from the financial side of the storage world.

Storage networks provider, Adaptec, Inc., made public the resignation of one of its top executives. Citing a desire to "pursue other interests," Chief Financial Officer and Vice President, Andy Brown, stepped down from his posts. Adaptec released a statement advising that despite the loss of Brown, its second quarter expectations are in line with current Wall Street estimates.

Bob Stephens, Adaptec's CEO and president will serve as interim chief financial officer until a replacement is named.

In other financial news, NetConvergence, Inc., Santa Clara, Calif., has completed its second round of financing, raising $5 million from a group of private and strategic investors led by Accton Technology Corp. of Taiwan. The Accton group will hold two board seats, bringing the number of board members to five.

Proceeds from the fundraising will be used to further develop the company's core technology and build business development teams. NetConvergence's core technology is IP storage, or storage over the Internet Protocol.

Accton Technology Corp. is a global manufacturer of Ethernet networking hardware.

From a second round of funding to a 2-for-1 split. M-Systems Flash Disk Pioneers Ltd., a manufacturer of flash disk data storage products announced that its board of directors has declared a 2-for-1 stock split in the form of a 100% stock dividend, payable Sept. 21, 2000 to shareholders of record on Sept. 14, 2000.

M-Systems develops, and manufactures flash disks, primarily used in Internet appliances, network infrastructure equipment and other embedded systems.

SanDisk Corp.announced that it has expanded its global presence by launching an expansion of its growing retail presence in Europe, the Middle East and Africa. The growth is being achieved by signing up retail distributors in 10 new countries and adding new retail outlets in region countries where SanDisk-branded products already are sold.

Sunnyvale, Calif.-based SanDisk said the expansion is being driven by accelerated demand for flash memory cards in numerous new, mass market applications like digital cameras, MP3 players, and mobile phones.

The new retail distributors were signed up in South Africa, Canary Islands, Israel, Ireland, Russia, Hungary, Czech Republic, Poland, Turkey and Greece.

Host bus adapter (HBA) maker, JNI Corp., announced its FibreStars Channel Program in Europe, a comprehensive program for solutions integrators and resellers.

The program will makes its debut at Stockage 2000, a premier European storage networking trade show held in Paris on Sept. 10-13.

JNI said the European launch of the FibreStars program is the next step in a comprehensive, multi-phase, worldwide channel program designed to significantly increase the availability of JNI Fibre Channel adapters. JNI launched the U.S. FibreStars program in April.

Send your storage news to Kevin Komiega, assistant news editor

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