Wednesday, October 30, 1996
Ontrack Data International, Inc. announces exercise of over-allotment optionOntrack Data International, Inc. (Nasdaq/NM: ONDI) announced today that its underwriters have exercised the entire over-allotment option in connection with its recent public offering of common stock, resulting in the sale of 180,000 additional shares by Ontrack and 225,000 additional shares by certain selling shareholders. This sale increases the total amount sold in the offering to 3,105,000 shares, consisting of 2,180,000 shares sold by Ontrack and 925,000 shares sold by selling shareholders. The public offering commenced on October 22, 1996 at an initial public offering price of $12.00 per share through an underwriting group led by Montgomery Securities, Dain Bosworth Incorporated and Volpe, Welty & Company. The Company intends to use the proceeds of the offering for working capital and general corporate purposes.
Ontrack is a leading provider of data recovery services to a broad range of customers experiencing a loss of valuable computer data. The Company first developed expertise in data file structures, operating systems, and storage media technologies in 1985 through the development of Disk Manager, a hard disk drive installation software utility which the Company continues to market.
Copies of the prospectus may be obtained from Montgomery Securities, 600 Montgomery Street, San Francisco, California 94111, Dain Bosworth Incorporated, 60 South Sixth Street, Minneapolis, Minnesota 55402 or Volpe, Welty & Company, One Maritime Plaza, 11th Floor, San Francisco, California 94111. #####
Ben Blomberg, 952-516-3617, Ben.Blomberg@krolldiscovery.com