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ClearOne Sells Conference Calling Integration Services Business |
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Conference Calling Section -
Conference Calling Category
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Thursday, 10 March 2005 |
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Salt Lake City, UT. - ClearOne Communications Inc. (OTC: CLRO), a developer, manufacturer and provider of conference calling and web conferencing products, announced that it has sold its Canadian subsidiary, ClearOne Communications of Canada, Inc., to a private investment group.ClearOne sold all of the issued and outstanding stock of ClearOne Canada, which provided audiovisual integration services in Eastern Canada under the name OM Video, for $1.5 million plus an earn-out amount ranging from 3 percent to 4 percent of OM Video's gross revenues over a five-year period. An initial payment of $200,000 has already been made to ClearOne, with the balance to be paid over a 15-month period.
"Our business focus is on developing and selling conference calling products," said Zee Hakimoglu, president and chief executive officer of ClearOne. "This sale further enhances that focus and better positions us to build upon our reputation of developing the highest quality, most advanced conference calling products available."
ClearOne is a communications solutions company that develops and sells conference calling systems and other related products for conference calling, video and web conferencing applications. The reliability, flexibility and performance of ClearOne's comprehensive solutions create a natural communications environment, which saves organizations time and money by enabling more effective and efficient communication. On the Web: http://www.clearone.com. |
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