SBE, Inc. Announces Sale of Embedded Hardware Business for $2.2M
13 1월 2007 - 6:44AM
Business Wire
SBE, Inc. (Nasdaq:SBEI), a leading provider of high-performance IP
storage solutions serving remote back-up and disaster recovery
applications, today announced it has signed a definitive asset
purchase agreement to sell its embedded hardware business to One
Stop Systems, Inc. for approximately $2.2 million in cash. In
addition, under the terms of the agreement, One Stop Systems will
assume the lease liabilities associated with SBE�s corporate
headquarters and equipment related to the embedded hardware
business. �We are pleased with the terms of the asset sale
transaction. The infusion of $2.2 million in cash, coupled with the
reduction in our long-term liabilities, expands the options
available to SBE as we explore all strategic alternatives that may
enhance shareholder value,� said Greg Yamamoto, President and Chief
Executive Officer of SBE. �The acquisition of SBE�s embedded
hardware business further accelerates One Stop Systems' growth in
the embedded computer marketplace. We look forward to serving the
expanded customer base we now have as a result of this acquisition.
We believe the synergies from the combined product lines will
better serve our current customers as well as SBE�s existing,
embedded hardware clients," said Steve Cooper, President and Chief
Executive Officer of One Stop Systems. SBE expects to complete the
transaction in its second fiscal quarter, subject to satisfaction
of closing conditions set forth in the asset purchase agreement. In
addition to customary closing conditions, the transaction is
subject to the approval of SBE�s shareholders. About SBE SBE
designs and provides IP-based storage networking solutions for an
extensive range of business critical applications, including
back-up and disaster recovery. SBE delivers a portfolio of
scalable, standards-based hardware and software products designed
to enable optimal performance and rapid deployment across a wide
range of next-generation storage systems. Based in San Ramon,
California, SBE is a publicly traded company (NASDAQ:SBEI) with
products sold worldwide through direct sales, OEMs and system
integration partners. More information is available at
www.sbei.com. About One Stop Systems One Stop Systems, Inc., a
global provider in industrial-grade computing systems and
components, manufactures standard, custom and semi-custom designs
for converged communications, industrial control and military
applications. These include CompactPCIe, PCIe, PCI/ISA and
VME-based architectures. One Stop Systems offers responsive
service, the highest quality design and manufacturing and on-time
delivery. One Stop Systems is based in Escondido, California. More
information is available at www.onestopsystems.com. Forward-Looking
Statements This news release contains certain forward-looking
statements that involve risks and uncertainties, including
statements about consummation of the proposed asset sale
transaction. Such statements are only predictions and the company�s
actual results may differ materially from those anticipated in
these forward-looking statements. Factors that may cause such
differences include, but are not limited to, the ability of One
Stop to make the purchase price payment and the ability of each of
SBE and One Stop to comply with the closing conditions necessary in
order to consummate the transaction. These factors and others are
more fully discussed in the documents the company files from time
to time with the Securities and Exchange Commission, particularly,
the Form 8-K filed with the Securities and Exchange Commission on
the date hereof and the company's most recent Form 10-K and Form
10-Q. SBE and the SBE logo are registered trademarks of SBE, Inc.
All other brand or product names are trademarks or registered
trademarks of their respective holders. Additional Information and
Where to Find It In connection with the proposed asset sale and
required stockholder approval, SBE intends to file with the
Securities and Exchange Commission, or SEC, a proxy statement on
Schedule 14A that will be mailed to the stockholders of SBE.
INVESTORS AND SECURITY HOLDERS OF SBE ARE URGED TO READ THE PROXY
STATEMENT AND ANY OTHER RELEVANT MATERIALS WHEN THEY BECOME
AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE
PROPOSED ASSET SALE. The definitive proxy statement will be mailed
to the stockholders as of a record date to be established for
voting on the proposed asset sale. Investors and security holders
will be able to obtain free copies of the proxy statement, as well
as other filed materials containing information about SBE, at
www.sec.gov, the SEC�s website. Investors may also access the proxy
statement and the other materials at www.sbei.com, or obtain copies
of such material by request to SBE�s Corporate Secretary at: SBE,
Inc., 4000 Executive Parkway, Suite 200, San Ramon, CA 94583. SBE
and its officers and directors may be deemed to have participated
in the solicitation of proxies from SBE's stockholders in favor of
the approval of the asset sale. Information concerning SBE's
directors and executive officers is set forth in the publicly filed
documents of SBE. Stockholders may obtain more detailed information
regarding the direct and indirect interests of SBE and its
directors and executive officers in the asset sale by reading the
preliminary and definitive proxy statements regarding the asset
sale, which will be filed with the SEC.
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