SBE, Inc. Completes Sale of Embedded Hardware Business for $2.2 Million
31 3월 2007 - 2:25AM
Business Wire
SBE, Inc. (NASDAQ:SBEI), a provider of high-performance IP storage
solutions serving remote back-up and disaster recovery
applications, today announced that it has completed the sale of its
embedded hardware business for $2.2 million. This action follows a
stockholders� meeting held on March 29, 2007 in which stockholders
approved the sale to One Stop Systems, Inc. and a 1-for-5 reverse
stock split. The asset sale agreement between SBE and One Stop
Systems also provides that One Stop Systems assumes the lease
liabilities associated with SBE�s corporate headquarters and
equipment related to the embedded hardware business. �We are
pleased with the sale of the embedded hardware business and the
1-for-5 reverse stock split. These milestones are critical in
restructuring the company for increased stockholder value and pave
the way for the merger of SBE with Neonode,� said Greg Yamamoto,
President and Chief Executive Officer of SBE. �We are confident
that the gain recorded on the sale of the embedded hardware
business and the resulting stock price from the reverse stock split
allows us to comply with the stockholders� equity and bid price
criteria identified by the NASDAQ Listings Qualification Panel.�
The 1 to 5 reverse split is expected to be effective on or about
April 2, 2007. Stockholders who would be entitled to fractions of a
share will receive cash instead of the fractional shares. Shares of
SBE common stock will trade on the NASDAQ Capital Stock Market
under the symbol SBEID for 20 trading days after the reverse split
goes into effect. After that period, trading will resume under the
current symbol SBEI. On January 19, 2007, the Company entered into
a definitive merger agreement with Neonode Inc., a Delaware
corporation. Founded in 2001, Neonode is a Swedish developer and
pioneer of touchscreen mobile phones. Neonode�s patented zForce�
touchscreen technology and Neno� user interface combine to maximize
display area and provide a unique one-hand, onscreen navigation
experience. In February 2007, Neonode showcased its new mobile
phone, the N2, at the 3GSM World Congress in Barcelona, Spain to
critical acclaim. Neonode recently announced its first purchase
order for the N2 mobile phone from MyPhone in Greece. It is
anticipated that the Company will change its name to �Neonode Inc.�
upon consummation of the merger. This transaction requires the
approval of the SBE stockholders, and the Company is in the process
of preparing a proxy statement for such purpose. 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. Forward-Looking Statements This news release contains
certain forward-looking statements that involve risks and
uncertainties, including statements about consummation of the
proposed merger 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 SBE and Neonode to comply with the closing conditions necessary
in order to consummate the transactions. 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 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 merger 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 MERGER. The definitive proxy statement will be mailed to
the stockholders as of a record date to be established for voting
on the proposed merger. 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 merger. 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 merger by reading the preliminary and
definitive proxy statements regarding the merger, which will be
filed with the SEC.
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