Bill Miller to Join FalconStor's Board of Directors

MELVILLE, NY--(Marketwired - December 20, 2016) - FalconStor Software Inc. (NASDAQ: FALC), a 16-year innovator of software-defined storage solutions, today announced that Bill Miller has joined the company's board of directors, effective December 16, 2016.

Miller, CEO of X-IO Technologies, joins FalconStor with over 35 years of experience as a venture investor, entrepreneur, sales executive and engineer. During his time at X-IO Technologies, Miller has overseen a business transformation which has included new product lines, streamlining operations, achieving sustainable profitability, raising new investment capital, and strengthening the company's financial position. Miller's role with FalconStor will be his 12^th sitting on a company board and he is currently holding positions at technology companies including New Planet Technologies, FDI Strategies, Chromatic Technologies, Quaddra Software and Altia.

"Miller is an excellent addition to the FalconStor Board," explained Gary Quinn, CEO of FalconStor. "He has a proven track record as a board member. He has public company experience with his founding of StorageNetworks, as well as significant private company operational and investment experience."

FreeStor^®, which is FalconStor's award winning data management platform, allows for the seamless migration and management of data across public, private and hybrid clouds, as well as flash, disk and tape storage destinations. The solution, which is in its second year of existence, gives enterprises, managed service providers and cloud service providers the ability to deliver increased economic and technical performance by utilizing a software-defined architecture which is 100% hardware independent.

"FalconStor is an ambitious company and I am delighted that I will have the chance to work with Gary and the team to move the company forward," said Miller. "It's an exciting time to join as organizations globally look to modernize and evolve their IT infrastructures to make storage far more efficient and cost-effective. FreeStor is well-respected within the industry as you can see the customers, awards and continued adoption every quarter, I look forward to helping to build upon that success into the future."

In addition, Alan Kaufman has resigned from the Board of Directors, effective December 16, 2016. FalconStor wishes him well in his future endeavors and thanks him for his years of service to the company. FalconStor believes that with the most recent changes to the Board, and with the award-winning FreeStor product, it is well positioned for the transformation within the storage industry and looks forward to increasing future shareholder value.

About FalconStor

FalconStor Software Inc. (NASDAQ: FALC) is a leading software-defined storage company offering a converged data services software platform that is hardware agnostic. Our open, integrated flagship solution, FreeStor^®, reduces vendor lock-in and gives enterprises the freedom to choose the applications and hardware components that make the best sense for their business. We empower organizations to modernize their data center with the right performance, in the right location, all while protecting existing investments. FalconStor's mission is to maximize data availability and system uptime to ensure nonstop business productivity while simplifying data management to reduce operational costs. Our award-winning solutions are available and supported worldwide by OEMs as well as leading service providers, system integrators, resellers and FalconStor. The company is headquartered in Melville, N.Y. with offices throughout Europe and the Asia Pacific region. For more information, visit www.falconstor.com or call 1-866-NOW-FALC (866-669-3252).

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FalconStor, FalconStor Software, FreeStor, and Intelligent Abstraction are trademarks or registered trademarks of FalconStor Software, Inc., in the U.S. and other countries. All other company and product names contained herein may be trademarks of their respective holders.