SOURCE: OuterBay

May 10, 2005 09:00 ET

OuterBay Appoints Christine Russell as CFO

Former CFO Chris Dier to Head Corporate Development

CUPERTINO, CA -- (MARKET WIRE) -- May 10, 2005 -- OuterBay, a leader in information lifecycle management (ILM) solutions for applications and databases, today announced that Christine Russell is joining its executive team as Chief Financial Officer.

Chris Dier, OuterBay's current CFO, will continue to advise the company in his new role as vice president of Corporate Development. In his new role, Dier will continue to provide expertise in developing OuterBay's strategic initiatives.

"Chris has played a critical role for OuterBay from financial planning to capital fundraising to corporate administration. His leadership led us to our current strong financial position," said Michael Howard, Chairman and CEO of OuterBay. "We're pleased to be able to continue leveraging his extensive expertise in developing strategic alliances and taking companies from the venture-backed development stage through public offerings."

Russell brings over 20 years experience to OuterBay with a background heading finance for both startup and public technology companies. She has extensive M&A experience from both the purchase and target side and has led two companies through successful IPO.

"Christine will provide steady management of OuterBay's financial initiatives as our company matures and reaches its next stage of growth -- profitability," Michael Howard continued. "We are delighted to have Christine bring her expertise to our team and look forward to working with her in strengthening OuterBay's market leadership position in ILM."

Russell comes to OuterBay from two NASDAQ listed companies -- CEVA and Persistance Software, which she took public in 1999. Prior to Persistence, Ms. Russell was CFO of Cygnus Solutions (sold to RedHat). She has also held CFO and financial executive positions at Valence Technology, Xerox and Measurex (Honeywell). Russell is a Director and Chair of the Audit Committee of Peak International, Ltd, a Director of QuickLogic Corporation and is a member of the University of Santa Clara Leavey School of Business Advisory Board. She also serves as a member of the Ethics and Eligibility Committee of the Financial Executives International and is a Past President and Board Member of the Silicon Valley Chapter of the FEI.

About OuterBay

OuterBay Technologies, Inc., a leader in information lifecycle management (ILM) solutions for applications and databases, helps customers monitor, forecast and manage data growth in enterprise application environments. Setting the standard for information lifecycle management, OuterBay's ADM Suite allows users to move data between storage tiers based on its current value to the business, and maintain open access to archived data across applications, platforms and storage media. As a result, OuterBay both improves enterprise application performance and reduces total cost of ownership. OuterBay is headquartered in Cupertino, California, with offices in the United States, Europe, Asia and Australia. OuterBay has over 150 customers. For more information, contact OuterBay at http://www.outerbay.com/ or 408.340.1200.