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Gadzoox Networks Secures Additional Funding

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Gadzoox Networks Inc., a supplier of Storage Area Network (SAN) products, today announced that it closed on the sale of $7.5 million of common stock in a transaction led by Balch Hill Capital and Galleon Group on August 30, 2001.

According to the company, the common stock was sold at a slight premium to market ($.10 over the closing price of $1.40 on August 31, 2001) with no attached warrants. The investment will be used to continue the launch of Gadzoox Networks' Slingshot 2 Gb Open Fabric switch family, including the recently announced Slingshot 4210, and to support the development of future products and programs.

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