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 oftheir 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. ### 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.
FalconStor Software (FALC) 8-KDeparture of Directors or Principal Officers
Filed: 10 Jan 05, 12:00am