New Ticker Symbol to be “MXO”
MILPITAS, Calif., April 11, 2001 - Maxtor Corporation (Nasdaq: MXTR) today announced that it will transfer its listing to the New York Stock Exchange (NYSE), under the new ticker symbol “MXO”. The new listing will be effective on, or close to, April 30, 2001. On April 2, Maxtor completed its merger with Quantum Corporation’s Hard Disk Drive Group, creating the world’s largest disk drive company in terms of units shipped.
“We look forward to our move to the NYSE,” said Mike Cannon, Maxtor president and CEO. “With the completion of the merger, we now have the breadth of products and financial resources to ensure that Maxtor is very well positioned to benefit from the future growth opportunities in storage. We appreciate the potential of a NYSE listing to further enhance visibility for Maxtor and to broaden our investor base.”
“The Exchange is proud and privileged to welcome Maxtor Corporation to our growing family of listed companies,” said NYSE chairman and CEO Richard A. Grasso. “A global leader in information storage solutions, Maxtor is an enterprise built on innovation and tireless commitments to quality, responsiveness and customer support. Maxtor’s mission, brand and stakeholders will be well served by the Exchange’s outstanding liquidity, transparency and market quality.”
Combined revenues from Maxtor and Quantum HDD were approximately $6 billion in 2000. The combined company will have cash of approximately $700 million and long-term debt of approximately $200 million.
This press release contains certain “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and are naturally subject to uncertainty and changes in circumstances. Actual results may vary materially from the expectations contained herein. The forward-looking statements contained herein include statements about future financial and operating results of the combined company and benefits of the merger between Quantum HDD and Maxtor. Factors that could cause actual results to differ materially from those described herein include: the inability to successfully integrate the businesses of Quantum’s HDD operations and Maxtor; costs related to the merger; the economic environment of the hard disk drive and network attached storage industries; and the general economic environment. More detailed information about these factors is set forth in the reports filed by Maxtor! with the Securities and Exchange Commission, including, but not limited to, Form 10-K for fiscal 2000, recent 10-Qs and the Form S-4 Registration Statement. Maxtor is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
Maxtor Corporation (www.maxtor.com) is one of the world’s leading suppliers of information storage solutions. The company has an expansive line of storage products for desktop computers, network storage, high-performance Intel-based servers, and consumer electronics. Maxtor has a reputation of being a proven market leader built by providing consistent high-quality products, and service and support for its customers. Maxtor and its products can be found at www.maxtor.com or by calling toll-free (800) 2-MAXTOR. Maxtor is traded on the NASDAQ under the MXTR symbol.
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