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ClearOne, Inc. (NASDAQ:CLRO), a technology innovator and global competitor in the conferencing, collaboration, and network streaming solutions market, today announced that it has entered into a definitive agreement to sell certain assets to Biamp Systems, LLC, a leading global provider of professional audio-visual solutions. This asset sale is part of ClearOne's ongoing strategic process and in support of its previously disclosed plan to pursue one or more transactions involving eventual sale of all or substantially all of the Company's current assets and operations.
Under the terms of the agreement, Biamp will acquire intellectual property, product inventory, and customer data among other things. Assets excluded from the sale include the books and records of the ClearOne parent company, the equity of any of the Sellers or the subsidiaries of the Sellers or any assets of ClearOne's Parent primarily related to ClearOne Parent's public company status (including ClearOne Parent's transfer records, registrations, stock ticker and listings). Product warranty and support operations are also excluded from the transaction. ClearOne will continue to provide product warranty and support services. The Company entered into the definitive agreement and simultaneously completed the asset sale on October 24.
Posted In: CLRO
