Exhibit 99.1

Exhibit 99.1 Press release, dated October 22, 2008.

QUANTUM CORPORATION REPORTS FISCAL SECOND QUARTER RESULTS

Delivers 31 Percent Year-over-Year Growth in Disk Systems and Software Revenue, Continued Gross Margin Improvement and Further Debt Reduction

SAN JOSE, Calif., Oct. 22, 2008 – Quantum Corp. (NYSE:QTM), the leading global specialist in backup, recovery and archive, today announced that revenue for its fiscal second quarter (FQ2’09), ended Sept. 30, 2008, was $215 million. Compared to the same quarter last year (FQ2’08), Quantum’s total revenue was down 13 percent, due primarily to the company’s strategy of shifting its sales mix toward higher margin opportunities and a year-over-year decline in branded tape sales. Despite the revenue decline, the company’s GAAP gross margin rate was 38 percent, up from 31 percent in the same quarter last year. GAAP operating expenses totaled $77 million, an increase of $2 million over FQ2’08.

Quantum reported a GAAP net loss of $3 million, or 1 cent per share, a 9-cent improvement over the same period last year. The $3 million net loss for the quarter included $11 million in amortization of intangibles, $3 million in stock-based compensation charges and $450 thousand in restructuring expenses. The net impact of these items reduced earnings per share on a diluted basis by approximately 6 cents.

“Our results were clearly impacted by the global financial crisis, but we were still able to deliver solid improvements in many areas of our business,” said Rick Belluzzo, chairman and CEO of Quantum. “We continued to grow our disk systems and software revenue and reversed the decline in midrange and enterprise tape sales that we had experienced in the first quarter, even though a number of customers held off on closing large deals at the end of September. In addition, we further improved our gross margin performance and paid down another $40 million of debt.

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“Despite the macroeconomic challenges, we still see opportunities for growth over the next several quarters, and we remain focused on leveraging our unique combination of disk, tape, software and service offerings to deliver integrated, edge-to-core solutions for protecting and managing data,” continued Belluzzo.

Quantum’s product revenue, which includes sales of the company’s hardware and software products, totaled $143 million in the September quarter. This represented a net decrease of $42 million from FQ2’08, due to an expected decline in overall OEM revenue as well as lower sales of branded devices, non-royalty media and tape automation systems.

Disk systems and software product revenue was $19 million in FQ2’09, up from $15 million in the same period last year. With related service revenue included, the total for the quarter was $21 million, an increase of 31 percent over FQ2’08. Contributing to the revenue growth was the addition of new Quantum DXi™-Series and EMC disk customers who purchased systems incorporating Quantum’s de-duplication and replication software. Quantum alone increased its DXi-Series customer base to more than 400 in the September quarter, driven in part by sales of its DXi7500 enterprise solution. Reflecting its strong value proposition, two-thirds of DXi7500 customers to date have purchased replication licenses and nearly a third have taken advantage of the direct tape creation option which provides seamless disk-tape integration.

September quarter revenue for Quantum’s other two product categories was as follows:

Service revenue, which includes hardware service contracts as well as repair, installation and professional services, was $42 million in FQ2’09. This was an increase of $3 million over FQ2’08.

Quantum had $31 million in royalty revenue for the September quarter, which included an $11 million payment from Riverbed Technology as part of a previously announced settlement of patent infringement litigation. The $31 million in royalty revenue was up $6 million from the comparable quarter last year.

Excluding royalties, the company’s branded share of revenue increased to 66 percent in FQ2’09, from 63 percent in FQ2’08.

Conference Call and Audio Webcast Notification

Quantum will hold a conference call today, Oct. 22, 2008, at 2:00 p.m. PDT, to discuss its fiscal second quarter results. Press and industry analysts are invited to attend in listen-only mode. Dial-in number: (303) 262-2161 (U.S. & International). Quantum will provide a live audio webcast of the conference call beginning today, Oct. 22, 2008, at 2:00 p.m. PDT. Site for the webcast and related information: http://www.quantum.com/investors.

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About Quantum

Quantum Corp. (NYSE:QTM) is the leading global storage company specializing in backup, recovery and archive. Combining focused expertise, customer-driven innovation, and platform independence, Quantum provides a comprehensive, integrated range of disk, tape, and software solutions supported by a world-class sales and service organization. This includes the DXi-Series, the first disk backup solutions to extend the power of data de-duplication and replication across the distributed enterprise. As a long-standing and trusted partner, the company works closely with a broad network of resellers, OEMs and other suppliers to meet customers’ evolving data protection needs. Quantum Corp., 1650 Technology Drive, Suite 800, San Jose, CA 95110, (408) 944-4000, www.quantum.com.

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Quantum and the Quantum logo are trademarks of Quantum Corporation registered in the United States and other countries. DXi is a trademark of Quantum Corporation. All other trademarks are the property of their respective owners.

“Safe Harbor” Statement under the U.S. Private Securities Litigation Reform Act of 1995: This press release contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. Specifically, without limitation, statements relating to our opportunities for growth over the next several quarters, and our focus on leveraging our unique combination of disk, tape, software and service offerings to deliver integrated, edge-to-core solutions for protecting and managing data, are forward-looking statements within the meaning of the Safe Harbor. These statements are based on management’s current expectations and are subject to certain risks and uncertainties. As a result, actual results may differ materially from the forward-looking statements contained herein. Factors that could cause actual results to differ materially from those described herein include, but are not limited to: (a) the failure to compete successfully in the highly competitive and rapidly changing marketplace for backup, recovery, archive and other storage products and services; (b) our ability to successfully execute to our product roadmaps and timely ship our products; (c) the risk that lower volumes and continuing price and cost pressures could lead to lower gross margin rate; (d) media royalties from media manufacturers coming in at lower levels than expected; (e) risks related to our debt obligations; (f) acceptance of, or demand for, our products being lower than anticipated; and (g) difficulties in retaining key employees. More detailed information about these risk factors, and additional risk factors, are set forth in Quantum’s periodic filings with the Securities and Exchange Commission, including, but not limited to, those risks and uncertainties listed in the section entitled “Risk Factors,” on pages 12 to 22 of Quantum’s Annual Report on Form 10-K for fiscal year 2008, filed with the Securities and Exchange Commission on June 13, 2008 and on pages 28 to 38 of Quantum’s Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2008, filed with the Securities and Exchange Commission on August 8, 2008. In particular, you should review the risk factors on pages 28 through 30 of our Form 10-Q under the headings: “A large percentage of our sales come from a few customers, and these customers generally have no minimum or long-term purchase commitments. The loss of, or a significant reduction in demand from, one or more key customers could materially and adversely affect our business, financial condition and operating results,” “We derive almost all of our revenue from products incorporating tape technology. If competition from alternative storage technologies continues or increases, our business, financial condition and operating results would be materially and adversely harmed,” “In connection with the acquisition of ADIC, we drew on our credit facility substantially increasing our debt service obligations and constraining our ability to operate our business. Unless we are able to generate sufficient cash flows from operations to meet these debt obligations, our business financial condition and operating results will be materially and adversely affected,” “Competition has increased, and may increasingly intensify, in the tape drive and tape automation markets as a result of competitors introducing products based on new technology standards, which could materially and adversely affect our business, financial condition and results of operations” and “Our credit agreement contains various covenants that limit our discretion in the operation of our business, which could have an adverse effect on our business, financial condition and results of operations.” Quantum expressly disclaims any obligation to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

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QUANTUM CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

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Included in the above Statements of Operations:

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QUANTUM CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

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QUANTUM CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

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