Crossroads Systems Announces Preliminary Fiscal Second Quarter Revenue and Sets Date of Conference Call

AUSTIN, TX--(Marketwired - May 22, 2013) - Crossroads Systems, Inc. ( NASDAQ : CRDS ), a global provider of data storage solutions, today released preliminary unaudited financial information for its fiscal second quarter ended April 30, 2013. The Company is announcing its preliminary revenue in advance of its regularly scheduled release and expects to release its full fiscal second quarter results and hold a conference call on Friday, June 7, 2013. The Company does not intend to pre-release its earnings in future quarters.

Revenue for fiscal Q2 2013 is expected to be $2.7 million, a decrease of 20 percent from $3.5 million in the same quarter a year ago. This estimate constitutes forward-looking information and is subject to risks and uncertainties, including possible adjustments to preliminary operating results.

Richard K. Coleman, Jr., recently appointed Interim President and CEO at Crossroads Systems, said, "We are disappointed that second quarter results fell short of expectations. Despite recent wins and a growing pipeline of prospective customers, some StrongBox deals have taken longer to close than expected. While our product is strong, and our customer feedback is positive, we are fine-tuning our market entry strategy to isolate opportunities for faster growth."

Conference Call Information
Crossroads Systems will hold a conference call on Friday, June 7, 2013 at 10 a.m. Eastern Time (9 a.m. Central Time) to discuss its second quarter results ended April 30, 2013. Financial results will be issued in a press release on the same day.

Date: Friday, June 7, 2013
Time: 10 a.m. Eastern Time (9 a.m. Central Time)
Dial-In Number: (877) 221-8809
International: (706) 679-8667

To access the live or recorded webcast, visit:

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. For more information and to view recent press releases, visit

About Crossroads Systems
Crossroads Systems, Inc. ( NASDAQ : CRDS ) provides, develops and markets patented products that provide online shared storage access to data through tape-based solutions that replace disk-based storage devices at a fraction of the cost, enabling businesses to change the way they approach their long-term data storage needs. Founded in 1996 and headquartered in Austin, TX, Crossroads holds more than 100 patents and has been honored with numerous industry awards for data archiving, storage and protection. Visit

Important Cautions Regarding Forward-Looking Statements
This press release includes forward-looking statements that relate to the business and future events or future performance of Crossroads Systems, Inc. and involve known and unknown risks, uncertainties and other factors that may cause its actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Words such as, but not limited to, "believe," "expect," "anticipate," "estimate," "intend," "plan," "targets," "likely," "will," "would," "could," and similar expressions or phrases identify forward-looking statements. Forward-looking statements include, but are not limited to, statements about Crossroads Systems' ability to implement its business strategy, including the transition from a hardware storage company to a software solutions and services provider, its ability to expand its distribution channels, its ability to maintain or broaden relationships with existing distribution channels and strategic alliances and develop new industry relationships, the performance of third parties in its distribution channels and of its strategic alliances, uncertainties relating to product development and commercialization, the ability to obtain, maintain or protect patent and other proprietary intellectual property rights, technological change in its industry, market acceptance of its products and services, future capital requirements, regulatory actions or delays, competition in general and other factors that may cause actual results to be materially different from those described herein. Forward-looking statements in this press release are based on management's beliefs and opinions at the time the statements are made. Crossroads Systems does not intend, and undertakes no duty, to update this information to reflect future events or circumstances.

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