East Bloc export license requirements lifted for Seagate
Scotts Valley, Calif. -- May 14, 1990 --(Business Wire) -- Seagate (NASDAQ,NMS:SGAT) Monday announced that the company received confirmation from the United States Department of Commerce on May 9, that several of its 3.5-inch and 5.25 inch hard disc drives will no longer require export licenses for shipment to proscribed destinations, including Eastern Europe and the Soviet Union.
Seagate believes the case represents the first instance of an industrial petitioner successfully substantiating a claim of foreign availability under the new foreign availability procedures included in the 1988 Omnibus Trade Act.
Seagate is the first disc drive manufacturer to receive confirmation that its drives, up to a maximum capacity of 55 Megabytes unformatted, meet the technical criteria for decontrol.
``This landmark event will allow Seagate to further expand into the Eastern European marketplace, one which is demonstrating wonderful potential,'' said Alan Shugart, Seagate chairman and chief executive officer. ``We regard this development as both exciting and invigorating for Seagate, and have long prepared for this opportunity.''
Seagate Technology is the world's leading supplier of disc storage products to original equipment manufacturers and remarketers.
CONTACT: Seagate Technology, Scotts Valley Kathleen Riley, 408/438-6550 11:53 ET
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