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Announces Win of Major System OEM Customer

Overland Storage, Inc. (NASDAQ: OVRL) today announced that revenues for its fourth fiscal quarter ended June 30, 2002 are expected to be in excess of million, lower than originally anticipated.

Also today, Overland announced that it received notification from a major system OEM customer that it has been selected to become the new supplier of the OEM’s mid-range tape automation product offering.

Christopher Calisi, president and CEO of Overland Storage, said: “Though disappointed about this revenue shortfall, we understand that a significant contributing factor was the corporate transformation that is being finalised by our largest OEM customer, including a change in its fiscal year end. Typically we have experienced strong sales in the final month of our fiscal quarter because it coincided with the final month of this customer’s quarter. This June, however, was not the final month of this customer’s new quarter and sales failed to reach anticipated levels. Additionally, fourth quarter sales in our European and Asia Pacific branded channels were significantly lower than expected.”

“Looking ahead, we are extremely gratified to have been selected as the new supplier to another major system OEM customer. This is a significant win that will contribute to revenues and earnings starting in the first half of fiscal year 2003. Further, this win will lessen our dependence on our largest OEM customer. Additionally, we are encouraged by the strong growth of our domestic branded sales channel that posted record revenues in the fourth quarter, indicating that our investment in an expanded sales force is paying off.”

“Given these developments, we plan to expand our upcoming earnings guidance from a single quarter to the full fiscal year, including quantification of our expectations from the previously-announced expanded relationship with our largest OEM customer and our new system OEM customer. We will discuss the outlook for 2003 during our year-end earnings call scheduled for August 14. In summary, we are excited about the many opportunities ahead, including the new software business that we launched on June 11 and our expanded corporate strategy. In fact, we are more encouraged about fiscal 2003 than any year in Overland’s history.”

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About Overland Storage

Overland Storage, Inc. (NASDAQ: OVRL) is a global supplier of innovative hardware and software storage solutions for mid-range computer networks. The Company's reputation for delivering high availability products, including the award-winning NEO Series of tape libraries, sets the standard for intelligent, automated and scalable storage solutions. Overland sells its products worldwide through leading OEMs, commercial distributors, storage integrators and value-added resellers. On June 28, 2002, the Company changed its name from Overland Data, Inc.

For more information, visit Overland's Web site at

Press Contact:

Howard Rippiner
Overland Data (Europe) Ltd.
+44 (0) 1189 898022

Sian Ford/Alex Murphy
Strategic Alliance International
+44 (0) 1494 434434

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