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| Iomega Corporation Will Expense
Stock Options Beginning in 2003
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Media please contact:
Chris Romoser, Iomega Corporation, (858) 795-7148 / romoser@iomega.com
Analyst/Investors, please contact:
Barry Zwarenstein, Iomega Corporation, (858) 795-7190
For Immediate Release
Iomega Corporation Will Expense
Stock Options Beginning in 2003
SAN DIEGO, July 24, 2002
- Iomega Corporation announced today that its Board of
Directors has determined that, effective January 1, 2003,
it will expense the cost of all stock options that the
Company grants to employees.
“The Board holds the belief that stock options are
a form of employee compensation expense and the time has
come that these costs be reflected in our financial results,”
said David Dunn, Chairman of the Board. “This new
policy will ensure that our results most clearly reflect
the economic reality when all compensation costs are considered
and recorded in our financial statements. The new policy
also puts options on an equal footing with other kinds
of compensation and should allow the Company to design
compensation plans that make the most sense for the Company
and its shareholders.”
The Board has appointed a committee headed by Robert Berkowitz,
Chairman of the Audit Committee, to provide the Board
with recommendations regarding the method to be used in
determining option expense.
Iomega’s 2003 fiscal year begins on January 1, 2003.
About Iomega
Iomega Corporation provides easy-to-use, high value storage
solutions to help people protect, secure, capture and
share their digital valuables. Iomega’s award-winning
storage products include the popular Zip® 100MB and
250MB drives, high performance Iomega® HDD portable
hard drives that feature capacities from 20GB to 30GB,
Iomega® HDD external hard drives that offer capacities
of 40GB and will soon offer capacities up to 120GB, and
Iomega® external CD-RW drives. Iomega QuikSync™
automatic backup software and HotBurn® CD-recording
software simplify data protection and sharing at home
and in the workplace. For networks, the new line of Iomega
NAS servers offers capacities of 120GB to 480GB. The Company
can be reached at 1-888-4-IOMEGA (888-446-6342), or on
the Web at http://www.iomega.com.
Special Note Regarding Forward-Looking Statements
All statements contained in this release that are not
purely historical, are forward-looking statements within
the meaning of the Private Securities Litigation Reform
Act of 1995. All such forward-looking statements are based
upon information available to Iomega as of the date hereof,
and Iomega disclaims any intention or obligation to update
any such forward-looking statements. Actual results could
differ materially from current expectations based on a
number of unforeseen risk factors, including but not limited
to the risks and uncertainties identified in the reports
filed from time to time by Iomega with the U.S. Securities
and Exchange Commission, including Iomega's most recent
Form 10-Q and Annual Report on Form 10-K.
# # #
Copyright© 2002 Iomega Corporation. All rights
reserved. Iomega, Zip, Peerless, Predator, DataSafe, QuikSync,
HotBurn, LifeWorks and ioLink are either registered trademarks
or trademarks of Iomega Corporation in the United States
and/or other countries. Certain other product names, brand
names and company names may be trademarks or designations
of their respective owners.
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