MTI Expects Positive Second Quarter 2002 Results

MTI Technology Corp. , a provider of storage and business solutions, today announced its preliminary fiscal second quarter 2002 revenues are expected to exceed analysts’ estimates.

The Company expects revenues for the fiscal second quarter ended October 6, 2001, to be more than $32 million, up sequentially from its first quarter level of $29.8 million. In addition, the Company plans to report a reduced operating loss in the fiscal second quarter 2002 compared to its fiscal first quarter.

Tom Raimondi, MTI’s President and CEO, stated, “While the slowing economy continues to impact our market, sales to new customers combined with consistent sales to our existing customer base, resulted in increased revenues for the Company’s fiscal second quarter. The uncertain economic conditions still warrant a cautious approach to managing our business, however, we believe the prudent fiscal management and cost controls implemented over the past several quarter are designed to enable MTI to ride out this downturn and position the Company for a return to profitability as expected revenue growth resumes in future quarters.”