Exhibit 99.2
[CNT LOGO]
NEWS RELEASE
FOR IMMEDIATE RELEASE
CNT ANNOUNCES $125 MILLION PRIVATE OFFERING OF CONVERTIBLE SUBORDINATED NOTES
MINNEAPOLIS, FEBRUARY 11, 2002 - CNT(R) (Nasdaq: CMNT) today announced that it
intends to offer $125 million aggregate principal amount of convertible
subordinated notes due 2007 in a private placement (plus an additional amount of
up to $25 million at the option of the initial purchasers exercised within
30-days of the initial closing), subject to market and certain other conditions.
The offering will be made to the initial purchasers pursuant to a private
placement. The initial purchasers have informed the company that they will sell
or offer the notes within the United States only to qualified institutional
buyers in accordance with Rule 144A under the Securities Act. The notes are
unsecured obligations, convertible, prior to maturity, into shares of CNT's
common stock at the option of the holder at a price to be determined. The
company may also call the notes for redemption under certain limited
circumstances. The private placement of the notes is expected to close in
February 2002. The closing is subject to customary closing conditions.
The estimated net proceeds from the sale of the notes (including any notes sold
pursuant to the over-allotment option granted to the initial purchasers) will be
used for general working capital purposes, including potential additional
acquisitions.
- --------------------------------------------------------------------------------
COMPUTER NETWORK TECHNOLOGY CORPORATION (CNT)
6000 Nathan Lane North Minneapolis, Minnesota 55442
Tel: U.S. 800-638-8324 International 763-268-6000 Fax: 763-268-6800
-more-
CNT Announces $125 million private offering of convertible subordinated notes -
Page 2
This announcement is neither an offer to sell nor a solicitation of an offer to
buy any of these securities. The notes and the shares of CNT's common stock
issuable upon conversion of the notes will not be registered under the
Securities Act or applicable state securities laws, and are being offered by the
initial purchasers only to qualified institutional buyers in reliance on Rule
144A under the Securities Act. Unless so registered, the notes and any shares of
CNT's common stock issued upon conversion of the notes may not be offered or
sold in the United States except pursuant to an exemption from, or in a
transaction not subject to, the registration requirements of the Securities Act
and applicable state securities law.
ABOUT CNT
CNT is the global storage networking specialist and a pioneer in IP storage
solutions. Innovative products and services from CNT help IT professionals
design and implement cost-effective storage solutions that span diverse servers,
storage systems and networks--enabling enterprise-wide data access and
protection.
FOR ADDITIONAL INFORMATION, CONTACT:
Greg Barnum, VP of Finance & CFO
763-268-6110; greg_barnum@cnt.com
Certain statements in this press release and in documents we have filed with the
Securities and Exchange Commission, and oral statements made by or with the
approval of our executive officers contain "forward-looking statements" under
the Private Securities Litigation Reform Act of 1995. These forward-looking
statements may include statements about our anticipated receipt of orders and
their impact on quarterly sales, business strategy, expectations regarding
future revenue levels, timing of and plans for the introduction or phase-out of
products or services, enhancements of existing products or services, plans for
hiring additional personnel, entering into strategic partnerships, and other
plans, objectives, expectations and intentions that are not historical fact.
The words "may," "should," "expect," "plan," "anticipate," "believe,"
"estimate," "predict," "intend," "potential" or "continue" and similar
expressions are generally intended to identify forward-looking statements. These
forward-looking statements involve risks and uncertainties. Actual results could
differ materially from those expressed or implied by these forward-looking
statements as a result of certain risk factors, including but not limited to (i)
competitive factors, including pricing pressures, (ii) variability in quarterly
sales, (iii) economic trends in various geographic markets; (iv) relationships
with our strategic partners; (v) unanticipated risks associated with introducing
new products and features; (vi) technological change affecting our products and
(vii) other events and other important factors disclosed previously and from
time to time in our filings with the U.S. Securities and Exchange Commission. We
assume no obligation to update any forward-looking statements. These statements
are only predictions. Although we believe that the expectations reflected in the
forward-looking statements are reasonable, we cannot guarantee future results,
levels of activity, performance or achievements.
###