Overland Storage, Inc. Announces Proposed Public Offering of Common Stock

SAN DIEGO, Oct. 29 /PRNewswire-FirstCall/ -- Overland Storage, Inc. (Nasdaq: OVRL), announced today that it has commenced an underwritten public offering of its common stock. The shares will be issued pursuant to a prospectus and prospectus supplement filed as part of an effective shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission.

The Company intends to use the net proceeds from the offering for general corporate purposes, including product development and sales and marketing.

Roth Capital Partners, LLC is the underwriter for the offering.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities. This press release is being issued pursuant to and in accordance with Rule 134 under the Securities Act of 1933, as amended.

The offering will be made only by means of a prospectus and a prospectus supplement. Electronic copies of the base prospectus and the preliminary prospectus supplement may be obtained from sales representatives of Roth Capital Partners, LLC, Attention: Equity Capital Markets, 24 Corporate Plaza Drive, Newport Beach, CA 92660, by telephone at (949) 720-7194, or via email at rothecm@roth.com. The Company's registration statement on Form S-3 including the base prospectus and the preliminary prospectus supplement are also available on the SEC website at http://www.sec.gov. The information in the preliminary prospectus supplement is not complete and may be changed.