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CRAY INC. (NASDAQ:CRAY) Files An 8-K Other Events

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07/27/2017 | 12:05pm CET

CRAY INC. (NASDAQ:CRAY) Files An 8-K Other EventsItem 8.01.Other Events.

On July 25, 2017, Cray Inc. (the “Company”) entered into a contract termination agreement (the “Agreement”) with Seagate Cloud Systems, Inc. an affiliate of Seagate Technology plc (“Seagate”) in connection with Seagate’s winding down of its line of business relating to certain high performance computing storage products and related support services sold and supported under Seagate’s ClusterStor mark (such products and services, the “Covered ClusterStor Products”).

to the terms of the Agreement, the Company and Seagate mutually agreed to terminate certain contracts between the Company and Seagate related to the Covered ClusterStor Products and related support obligations and the Company will obtain from Seagate certain physical assets and intellectual property and intellectual property rights necessary for the Company to conduct business relating to the Covered ClusterStor Products (the “Covered ClusterStor Business”), in connection with which the Company will assume and be responsible for supporting certain existing customers of the Covered ClusterStor Business. In connection with the assumption of the existing support obligations for the Covered ClusterStor Business, the Company expects to make offers of employment to, or transition the employment or services of, roughly 125 ClusterStor-related Seagate employees and contractors. As part of the Agreement, the Company and Seagate also agreed to a new four-year supply agreement that covers Seagate’s supply of components, including hard disk drives, for the Covered ClusterStor Products to the Company. The Transaction is expected to close toward the end of the quarter ended September 30, 2017.

This Current Report on Form8-K includes forward-looking statements that involve a number of risks and uncertainties, the outcome of which could materially affect future results. These risks include, but are not limited to, statements regarding the timing and potential closing of the Transaction, the ability of the Company to continue operating the Covered ClusterStor Business including the anticipated benefits of operating such business, the parties’ ability to satisfy the closing conditions relating to the Transaction, and the factors listed or described from time to time in our filings with the Securities and Exchange Commission (the “SEC”). These forward-looking statements are based on the Company’s current expectations and inherently involve significant risks and uncertainties. The Company’s actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties. For a discussion of these and other risks, see “Risk Factors” in our most recent Quarterly Report on Form10-Q filed with the SEC. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements whether as a result of new information, future events or otherwise.

Cray Inc. designs, develops, manufactures, markets and services the high-end of the high performance computing (HPC) market, primarily categories of systems, known as supercomputers and provides storage and data analytics solutions. The Company provides software, system maintenance, support services and engineering services related to supercomputer systems. Its segments are Supercomputing, Storage and Data Management, Maintenance and Support, and Engineering Services and Other. Its products include Cray Supercomputing Systems, including Cray XC40-LC Supercomputer, Cray XC40-AC Supercomputer, Cray CS400-AC Supercomputer, Cray CS400-LC Supercomputer and Cray CS-Storm Supercomputer; Cray Analytics Products, including Cray Urika-GD Graph Discovery Appliance and Cray Urika-XA Extreme Analytics Platform, and Cray Storage and Data Management Products, including Cray Sonexion Storage Systems, Cray DataWarp Applications I/O Accelerator and Cray Tiered Adaptive Storage (TAS).

The post CRAY INC. (NASDAQ:CRAY) Files An 8-K Other Events appeared first on Market Exclusive.

© Market Exclusive 2017, source Market Exclusive

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