Crossroads Systems Inc – ‘8-K’ for 8/21/02 – EX-20

On:  Wednesday, 8/21/02, at 9:24pm ET   ·   As of:  8/22/02   ·   For:  8/21/02   ·   Accession #:  950134-2-10507   ·   File #:  0-30362

in

this entire Filing. an “Entity” Search.

Show

Documents searched

and

each “hit”. the 1st “hit”.

↓↑Hints

Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                         6     26K 
 2: EX-4        Rights Agreement Dated August 21, 2002                57    245K 
 3: EX-20       Press Release Dated August 22, 2002                    2     11K 

EX-20   —   Press Release Dated August 22, 2002

EX-20
1st Page of 2
TOC
↑Top
Previous
Next
↓Bottom
Just 1st
 
                                                                      EXHIBIT 20

[CROSSROADS LOGO]                                                               

                     For more information on Crossroads Systems, please contact:
                                                                 Reagan Y. Sakai
                                                        Crossroads Systems, Inc.
                                                                    512.928.6897
                                                             info@crossroads.com

CROSSROADS SYSTEMS
ADOPTS STOCKHOLDER RIGHTS PLAN

AUSTIN, Texas - August 21, 2002 - Crossroads Systems, Inc. (Nasdaq: CRDS), a    
global provider of connectivity for storage networking solutions, today         
announced that its board of directors adopted a Stockholder Rights Plan in which
preferred stock purchase rights will be distributed as a dividend at the rate of
one Right for each share of common stock of the Company held by stockholders of 
record as of the close of business on September 3, 2002. The Rights Plan is     
designed to deter coercive takeover tactics including the accumulation of shares
in the open market or through private transactions and to prevent an acquiror   
from gaining control of the Company without offering a fair price to all of the 
Company's stockholders. The Rights will expire on September 3, 2012.            

Each Right will entitle stockholders to buy one unit of a share of preferred    
stock for $12.00. The Rights generally will be exercisable only if a person or  
group acquires beneficial ownership of 15% or more of the Company's common stock
or commences a tender or exchange offer upon consummation of which such person  
or group would beneficially own 15% or more of the Company's common stock.      

If any person becomes the beneficial owner of 15% or more of the Company's      
common stock, other than pursuant to a tender or exchange offer for all the     
outstanding shares of the Company approved by the Company's board of directors, 
then each Right not owned by a 15%-or-more stockholder or related parties will  
entitle its holder to purchase, at the Right's then current exercise price,     
shares of the Company's common stock (or, in certain circumstances as determined
by the board, cash, other property, or other securities) having a value of twice
the Right's then current exercise price. In addition, after any person has      
become a 15%-or-more stockholder, if the Company is involved in a merger or     
other business combination transaction with another person in which the Company 
does not survive or in which its common stock is changed or exchanged, or sells 
50% or more of its assets or earning power to another person, each Right will   
entitle each holder, other than any person who has become a 15%-or-more         
stockholder, to purchase, at the Right's then current exercise price, shares of 
common stock of such other person having a value of twice the Right's then      
current exercise price.                                                         

The Company will generally be entitled to redeem the Rights at $0.01 per Right  
at any time until 10 days (subject to extension) after a public announcement    
that a 15% position in the Company's common stock has been acquired.            

EX-20
Last Page of 2
TOC
1st
Previous
Next
↓Bottom
Just 2nd
The Rights are intended to enable all stockholders to realize the long-term     
value of their investment in the Company. The Rights will not prevent a takeover
attempt, but should encourage anyone seeking to acquire the Company to negotiate
with the board prior to attempting to takeover.                                 

Details of the Stockholder Rights Plan are outlined in a letter that will be    
mailed to all stockholders, and a copy of the Stockholder Rights Plan will be   
filed with the Securities and Exchange Commission (www.sec.gov) as an exhibit to
a Current Report on Form 8-K. A copy of the Stockholder Rights Plan also is     
available upon written request to the Company: Crossroads Systems, Inc., 8300 N.
MoPac Expressway, Austin, Texas, 78759, attn: Investor Relations.               

ABOUT CROSSROADS SYSTEMS, INC.                                                  

With headquarters in Austin, Texas, Crossroads Systems (Nasdaq:CRDS) is a       
leading global provider for storage networking solutions. Crossroads' products  
are in solutions from leading companies such as Fujitsu-Siemens, Hewlett-Packard
(which includes Compaq) and StorageTek, and are distributed through partners    
such as ARROW, Datalink and Tidal Wire. Crossroads is a voting member of the    
Storage Networking Industry Association (SNIA). For more information about      
Crossroads Systems, please visit www.crossroads.com or call 800/643-7148.       

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘8-K’ Filing		Date		First		Last			Other Filings
		9/3/12		1
		9/3/02		1
Filed as of:		8/22/02							8-A12G
Filed on / For Period End:		8/21/02		1
									List all Filings