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.
"ClearOne will continue to exist as a public company after this asset sale," said Derek Graham, CEO of ClearOne. "We believe that this asset sale is the best way to maximize value for current shareholders while allowing the company to pivot to take advantage of new business opportunities in the future. We appreciate the support of our channel partners and customers over the years, and we plan to continue to provide support for our products consistent with our published warranty policy."
About ClearOne, Inc.
ClearOne, Inc. is an established provider of conferencing, collaboration and audio-visual technology, including beamforming microphones, DSP mixers, USB speakerphones, video conferencing solutions, and software-based collaboration platforms. ClearOne has served integrators and end-users around the globe with a mission to enable richer communication experiences.
Forward-Looking Statements
This release contains forward-looking statements. All forward-looking statements are subject to risks and uncertainties, including, without limitation, delays in closing, integration risks, supply-chain constraints, competitive dynamics, and other factors described in ClearOne's filings with the U.S. Securities and Exchange Commission. Actual results may differ materially from those expressed or implied by such forward-looking statements. ClearOne assumes no obligation to update any forward-looking statements except as required by law.
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