Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Nasdaq  >  Cray Inc.    CRAY

CRAY INC. (CRAY)
Mes dernières consult.
Most popular
  Report  
SummaryQuotesChartsNewsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsofficial PublicationsSector newsTweets

CRAY INC : Other Events (form 8-K)

share with twitter share with LinkedIn share with facebook
share via e-mail
0
07/27/2017 | 12:04pm CEST
Item 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").
Pursuant 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 Form 8-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 Form 10-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.

--------------------------------------------------------------------------------

© Edgar Online, source Glimpses

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on CRAY INC.
09:02aCray Announces New AI Workflow Software Suite and Reference Configurations to..
GL
06/20CRAY : Announces Scalable Flash Storage Solution for Lustre Workloads
AQ
06/19Cray Announces Scalable Flash Storage Solution for Lustre Workloads
GL
06/15CRAY INC : Submission of Matters to a Vote of Security Holders (form 8-K)
AQ
06/06CRAY : Partners with Digital Catapults Machine Intelligence Garage to Drive UK A..
AQ
06/06CRAY : XC 40/50 Supercomputer insertion
AQ
06/05Cray Partners with Digital Catapult’s Machine Intelligence Garage to Dr..
GL
05/23ALTAIR ENGINEERING : and Cray Extend Their Collaboration in High-Performance Com..
AQ
05/22CRAY : to Deliver Mission-Critical Supercomputer to Japan Meteorological Agency
AQ
05/21Cray to Deliver Mission-Critical Supercomputer to Japan Meteorological Agency
GL
More news
News from SeekingAlpha
06/08U.S. debuts "world's fastest" supercomputer from IBM 
05/01Cray's (CRAY) CEO Peter Ungaro on Q1 2018 Results - Earnings Call Transcript 
05/01Cray +10.9% on Q1 beats with upside guidance 
05/01Cray beats by $0.04, beats on revenue 
04/30Notable earnings after Tuesday?s close