March 24, 2014

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Ontario Company Completes Acquisition of V3 Systems Inc.

Press Release

March 24, 2014

Salt Lake City — Ontario-based Sphere 3D Corporation, a virtualization technology solution provider, has completed its acquisition of all of the assets and operations of privately held V3 Systems Inc., based in Salt Lake City.

Sphere 3D will maintain an office in Salt Lake and operate V3 under the direction of Ric Lindstrom, president of V3 Systems. Sphere 3D has also established a demonstration lab, which includes servers that are provisioned with Glassware 2.0 at this facility in Utah.

The purchased assets include all software, source code, IP, trademarks, supplier contracts, customer contracts, assignment of all software, hardware and services revenue and other assets that are required to operate the business.

Sphere 3D paid a purchase price of $9.7 million in cash and stock with a potential earn-out of up to $5 million, subject to various revenue and margin requirements. The transaction was negotiated at arms-length and no finder's fees were paid in connection with closing.

The shares issued are subject to resale restrictions of four months and one day as per applicable Canadian securities laws. In addition, the shares issued as part of this transaction are subject to restrictions as per applicable U.S. Securities Act federal and state securities laws.

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