Debt Holders of Overland Convert $10.7 Million of Debt Into Equity at $1.30/Share

Overland Storage, Inc. announced that as part of its agreement to acquire Tandberg Data Holdings S.à r.l., funds affiliated with Cyrus Capital Partners, L.P., the indirect owner of Tandberg, and other convertible debt holders have converted approximately $10.7 million of their outstanding convertible debt into shares of Overland common stock at a price of $1.30 per share.