Ms. Pattie Adams of Overland reports

OVERLAND STORAGE ANNOUNCES APPROVAL OF PROPOSED MERGER WITH SPHERE 3D BY THE SHAREHOLDERS OF OVERLAND

The proposed merger between Overland Storage Inc. and Sphere 3D Corp. has been approved by the shareholders of Overland at the special meeting of Overland's shareholders held on Nov. 28, 2014. Over 99 per cent of Overland's shares voted at the meeting were voted in favour of approving the merger.

Overland and Sphere 3D publicly announced their proposed merger on May 15, 2014. Upon consummation of the merger, following regulatory approval and the satisfaction of other conditions of the merger agreement, each outstanding share of Overland common stock will be exchanged for 0.46385 common share of Sphere 3D, subject to certain potential adjustments as set forth in the agreement. After completion of the merger, it is expected that current holders of Overland shares will own approximately 28.8 per cent of Sphere 3D on a fully diluted basis as a result of the exchange of shares in the merger. The merger is due to be completed early next week.