Exabyte to sell out
Independent tape maker calls in bankers
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. ®