EXHIBIT 99.1
Contact: Herman Chin, FalconStor
631-962-1163
herman.chin@falconstor.com
FALCONSTOR SOFTWARE ELECTS STEVEN L. BOCK TO BOARD OF DIRECTORS
COMPANY STRENGTHENS BOARD WITH FINANCIAL AND MANAGEMENT EXPERTISE
MELVILLE, N.Y., January 10, 2005--FalconStor Software, Inc. (Nasdaq: FALC), a
leading developer of network storage software solutions, today announced that
Steven L. Bock, CEO of Unger Software Corporation, a leading provider of
financial planning and profiling software for advisors and other finance
industry professionals, has been elected to FalconStor's Board of Directors,
bringing a wealth of first hand business, management and financial experience
and expertise to the company.
Bock's business and management accomplishments in a wide range of industries
will add valuable insight to the FalconStor Software Board and management team
as it executes on the company's mission and vision of delivering innovative
network storage software solutions.
"We are extremely pleased to welcome Steven as our newest board member," said
ReiJane Huai, Chairman and CEO of FalconStor Software. "He fully understands the
diverse business and strategic opportunities presented to FalconStor, as well as
the challenges faced by our prospective customers. His decision to join the
FalconStor team is a strong vote of confidence in our company, and his
perspective on future strategic initiates will be invaluable."
"FalconStor has earned the reputation as an innovator in the network storage
software industry," said Bock. "I look forward to working with an executive and
senior management team that is committed to building a world class business
based on the development of technology that can effectively address immediate
and future customer needs."
Bock's career includes executive management positions in a variety of
industries. Prior to joining Unger Software, Bock was a consultant to
early-stage companies, and served as a Director and Interim Chief Operating
Officer of B2B Video Network, a company that operated a secure, reliable
business-to-business video network to deliver essential business programming to
the desktops of business users throughout the world. From 1990 through 2000, he
was Chairman, Chief Executive Officer and President of Specialty Catalog Corp.,
a direct marketer targeting niche consumer product categories through a variety
of catalogs and E-commerce web sites. Bock has also been an officer at
investment holding and management firms, and a partner of a law firm.
Bock holds a B.S. from the State University of New York at Albany, and a J.D.
from Harvard Law School.
ABOUT FALCONSTOR SOFTWARE
FalconStor Software, Inc. (Nasdaq: FALC) is a leading developer of network
storage software designed to optimize the storage, protection and availability
of enterprise data. FalconStor's flagship product, IPStor, enables corporate IT
to deploy a hardware-agnostic, network-centric foundation to maximize operating
efficiency and business continuity, and to meet the availability requirements of
their mission-critical applications. IPStor-powered network storage solutions
are available and supported by major OEMs, as well as system integrators and
resellers worldwide.
Founded in 2000, FalconStor is headquartered in Melville, NY, with offices
throughout Europe and the Asia Pacific regions including Paris, Tokyo and
Taiwan. FalconStor is an active member of the Technical Support Alliance Network
(TSANet), Storage Networking Industry Association (SNIA) and Fibre Channel
Industry Association (FCIA). For more information visit www.falconstor.com or
call 1-631-777-5188.
This press release includes forward-looking statements that involve risk and
uncertainties that could cause actual results to differ materially from the
forward-looking statements. These risks and uncertainties include: delays in
product development; market acceptance of FalconStor's products and services;
technological change in the storage and networking industries; competition in
the storage networking software market; the potential failure of FalconStor's
OEM partners to introduce or to market products incorporating FalconStor's
products; intellectual property issues; and other risk factors discussed in
FalconStor's reports on Forms 10-K, 10-Q and other reports filed with the
Securities and Exchange Commission.
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FalconStor and FalconStor Software are registered trademarks of FalconStor
Software, Inc. All other company and product names contained herein may be
trademarks of the respective holders.
