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Magnetic tape and drive maker Exabyte has put itself up for sale after CEO and finder Juan Rodriguez resigned.

Formed in 1985, the firm's stock has plummeted from $15 in 2004 to 10 and a half cents at close of dealing on Wall Street on Thursday. It has made losses six years running.

The board has appointed St Charles Capital to broker a way out. A press release says it would consider a sell-off or a merger.

It is thought likely that Exabyte will be a target for a second-tier storage company after its customer base. ®

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