NASDAQ OMX

Concurrent Enters Definitive Agreement to Sell Content Delivery & Storage Business to Vecima Networks for $29 Million

Dela

Proposed Transaction Expected to Result in Debt Free Balance Sheet with $67 Million in Pro Forma Working Capital

ATLANTA, Oct. 16, 2017 (GLOBE NEWSWIRE) -- Concurrent Computer Corporation (NASDAQ:CCUR) has entered into a definitive agreement to sell all of the assets of its Content Delivery & Storage Business to Vecima Networks Inc. (TSX:VCM) for a base purchase price of $29 million, subject to adjustment for normalized net working capital.  Headquartered in Victoria, British Columbia, Vecima is a leading designer and manufacturer of innovative network technology solutions. The proposed transaction, which has been approved by the Board of Directors of both companies, is subject to various terms and conditions including stockholder approval from Concurrent.

"Vecima believes that the rapid growth in IPTV delivery across both MVPD private CDNs and OTT providers will continue to accelerate.  Concurrent is a recognized leader in storing, protecting, transforming and delivering media assets.  Adding their solutions to our industry leading broadband internet access platforms, will allow us to deliver an end to end, massively scalable video and data solution to the market," said Sumit Kumar, President & CEO of Vecima Networks. "We are also thrilled to have Concurrent's strong and highly skilled team join the Vecima family, enhancing our position as a leading vendor to our collective base of Tier 1 service provider customers," added Mr. Kumar. 

"At closing, we anticipate that Concurrent will have a debt free balance sheet with approximately $67 million in pro forma working capital and substantial retained tax assets," said Derek Elder, President & CEO of Concurrent.  "The Board of Directors has established an investment committee to evaluate options to maximize the value of the Company's remaining assets, which, following the closing of the Vecima transaction, will consist primarily of cash and cash equivalents and the Company's remaining net operating loss carryforwards under federal, state, and foreign tax laws."

Concurrent expects to file a preliminary proxy statement with the U.S. Securities & Exchange Commission within 30 days. 

Certain Concurrent stockholders have entered into voting agreements to vote in favor of the proposed transaction.  The shares of Concurrent common stock currently owned by these supporting stockholders represent, in the aggregate, approximately 17% of the issued and outstanding shares of Concurrent common stock.

Needham & Company, LLC served as exclusive financial advisor to Concurrent for this transaction.

About Vecima Networks

Vecima Networks Inc. (TSX:VCM) is a globally recognized leader in creating breakthrough technology solutions that empower network service providers to connect people and enterprises to information and entertainment worldwide. Vecima products for the cable industry allow service providers a cost-effective Last Mile Solution® for both video and broadband access, especially in the demanding business services market segment. Vecima also provides fleet managers the key information and analytics they require to optimally manage their business under the Contigo, Nero Global Tracking, and FleetLynx brands. More information is available at www.vecima.com.

About Concurrent

Concurrent (NASDAQ: CCUR) is a global software and solutions company that develops applications focused on storing, protecting, transforming and delivering high value media assets.  We serve industries and customers that demand uncompromising performance, reliability and flexibility to gain a competitive edge, drive meaningful growth and confidently deliver best-in-class solutions that enrich the lives of millions of people around the world every day.  Offices are located in North America, Europe and  Asia.  Visit www.concurrent.com for further information and follow us on Twitter: www.twitter.com/Concurrent_CCUR

Certain statements in this communication constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are often identified by words such as "anticipate," "believe," "intend," "estimate," "expect," "see," "continue," "could," "can," "may," "will," "likely," "depend," "should," "would," "plan," "predict," "target," and similar expressions, and may include references to assumptions and relate to Concurrent's future prospects, developments and business strategies. Except for the historical information contained herein, the matters discussed in this communication are forward-looking statements that involve risks and uncertainties that may cause Concurrent's actual results to be materially different from such forward-looking statements and could materially adversely affect its business, financial condition, operating results and cash flows. These risks and uncertainties include the occurrence of any event, change or other circumstances that could give rise to the termination of the Asset Purchase Agreement; the failure to obtain the approval of Concurrent's stockholders or required third party consents or the failure to satisfy any of the other closing conditions to the Asset Purchase Agreement; potential disruption of management's attention from Concurrent's ongoing business operations due to the transaction; the effect of the announcement of the Asset Purchase Agreement on the ability of Concurrent to retain and hire key personnel and maintain relationships with its customers, suppliers and others with whom it does business, or on its operating results and business generally; general business conditions; changes in overall economic conditions that impact consumer spending; the impact of competition; and other factors which are often beyond the control of Concurrent, as well other risks listed in Concurrent's Form 10-K filed September 20, 2017 with the Securities and Exchange Commission and risks and uncertainties not presently known to Concurrent or that Concurrent currently deems immaterial. Concurrent wishes to caution you that you should not place undue reliance on such forward-looking statements, which speak only as of the date on which they were made. Concurrent does not undertake any obligation to update forward-looking statements, except as required by law.

Important Additional Information and Where to Find It

In connection with the proposed transaction, Concurrent will file with the SEC and mail or otherwise provide to its stockholders a proxy statement regarding the proposed transaction. BEFORE MAKING ANY VOTING DECISION, CONCURRENT'S STOCKHOLDERS ARE URGED TO CAREFULLY READ THE PROXY STATEMENT IN ITS ENTIRETY WHEN IT BECOMES AVAILABLE AND ANY OTHER DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION OR INCORPORATED BY REFERENCE THEREIN BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND THE PARTIES TO THE PROPOSED TRANSACTION.  Investors and security holders may obtain a free copy of the proxy statement and other documents that Concurrent files with the SEC (when available) from the SEC's website at www.sec.gov and Concurrent's website at http://www.concurrent.com/about/investors/sec-filings/. In addition, the proxy statement and other documents filed by Concurrent with the SEC (when available) may be obtained from Concurrent free of charge by directing a written request to Corporate Secretary, Concurrent Computer Corporation, 4375 River Green Parkway, Suite 100, Duluth, Georgia 30096, Phone: (678) 258-4000.

Media Relations:
Sandra Dover
(678) 258-4112
Sandra.dover@concurrent.com

Investor Relations:
Doug Sherk
(415) 652-9100
dsherk@evcgroup.com

Certain Participants in the Solicitation

Derek Elder, director and Chief Executive Officer, Warren Sutherland, Chief Financial Officer, and certain other directors and officers of Concurrent, are or may be deemed participants in Concurrent's solicitation.  Other than Mr. Elder, none of such participants owns in excess of 1% of Concurrent's common stock.  Mr. Elder may be deemed to own approximately 2.3% of Concurrent's common stock. Additional information regarding such participants, including their direct or indirect interests, by security holdings or otherwise, will be included in the proxy statement and other relevant documents to be filed with the SEC in connection with the transaction. Information relating to the foregoing can also be found in Concurrent's definitive proxy statement for its 2017 Annual Meeting of Stockholders (the "2017 Proxy Statement"), which was filed with the SEC on October 2, 2017. To the extent that holdings of Concurrent's securities have changed since the amounts printed in the 2017 Proxy Statement, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC.  Additional information regarding the interests of such individuals in the proposed transaction will be included in the proxy statement relating to such transaction when it is filed with the SEC.  These documents may be obtained free of charge from the SEC's website at www.sec.gov and Concurrent's website at http://www.concurrent.com/about/investors/sec-filings/.




This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Concurrent Computer Corporation via Globenewswire

Om

NASDAQ OMX
NASDAQ OMX



Följ NASDAQ OMX

Abonnera på våra pressmeddelanden.

Senaste pressmeddelandena från NASDAQ OMX

BIMobject AB: Kallelse till extra bolagsstämma den 5 september 2018. Patrick Söderlund och Hjalmar Winbladh föreslås som nya styrelseledamöter i BIMobject AB. Split 2:1 föreslås.15.8.2018 15:30Pressmeddelande

Aktieägare representerande cirka 49 procent av rösterna i BIMobject AB har meddelat att de föreslår att Hjalmar Winbladh och Patrick Söderlund väljs till nya styrelseledamöter vid en extra bolagsstämma onsdagen den 5 september 2018. Ben O'Donnell lämnar sitt uppdrag som styrelseledamot i samband med den extra bolagsstämman. Styrelsen kommer därefter att bestå av Stefan Larsson (VD), Anders Wilhjelm (ordförande), Johannes Reischböck, Philippe Butty, Hjalmar Winbladh och Patrick Söderlund. Vidare föreslås ändrad ersättning till styrelsen. Nytt arvode utgår med 800 000 kronor, fördelat mellan styrelseordförande och Söderlund om 400 000 kronor vardera. Styrelsen föreslår även att stämman beslutar om aktieuppdelning av befintliga utestående aktier i förhållande 2:1. Patrick Söderlund, född 1973 och svensk medborgare, är Chief Design Officer samt Executive Vice President på Electronic Arts. I denna roll leder han utvecklingen av bolagets tekniska innovationer och bolagets marknadsföringsteam

BIMobject AB: Notice to attend Extraordinary General Meeting on September 5, 2018. Patrick Söderlund and Hjalmar Winbladh proposed as new Board Members in BIMobject AB. A split 2:1 is proposed.15.8.2018 15:30Pressmeddelande

Shareholders representing approximately 49 percent of the votes in BIMobject AB have announced that they propose that Hjalmar Winbladh and Patrick Söderlund are appointed new Board Members at an Extraordinary General Meeting to be held on Wednesday September 5, 2018. Ben O'Donnell resigns as Board Member in connection with the Extraordinary General Meeting. The Board will thereafter be composed of Stefan Larsson (CEO), Anders Wilhjelm (Chairman), Johannes Reischböck, Philippe Butty, Hjalmar Winbladh and Patrick Söderlund. Furthermore, a change in remuneration to the Board is proposed. The new Board fee totals SEK 800,000 and is to be divided between the Chairman and Söderlund with SEK 400,000 each. The board also proposes that the General Meeting resolves to split the company's shares 2:1. Patrick Söderlund, born in 1973 and a Swedish citizen, is Chief Design Officer and Executive Vice President at Electronic Arts. In his present role he manages the development of technology innovation

BIMobject AB: Offentliggörande av delårsrapport april - juni 201815.8.2018 08:00Pressmeddelande

Den fullständiga rapporten finns även tillgänglig på bolagets hemsida (info.bimobject.com). Andra kvartalet 2018 Faktureringen ökade med 83 procent och uppgick till 33 MSEK (18). Koncernens nettoomsättning ökade med 75 procent och uppgick till 28 MSEK (16). Fördelning mellan projekt och webservices (prenumerationer) var 40/60 procent (60/40). Bruttomarginalen ökade till 86 procent (81). Koncernens rörelseresultat förbättrades och uppgick till -15 MSEK (-17). Resultat per aktie uppgick till -0,29 SEK (-0,31) före utspädning. Kassaflödet från löpande verksamheten uppgick till -18 MSEK (-15). Ackumulerat antal användare ökade och uppgick till cirka 845 000. Ackumulerat antal nedladdningar uppgick till 25,5 miljoner. Antalet tillverkare uppgick till 1230. Styrelsen beslutade att påbörja processen för notering av bolaget vid Nasdaq Stockholm. Viktiga händelser andra kvartalet BIMobject ingår samarbete med Pipe Retail Solution för att effektivisera digital butiksplanering. BIMobject tecknar

BIMobject AB: Interim Report April - June 201815.8.2018 08:00Pressmeddelande

Second quarter 2018 Billing increased by 83 percent to SEK 33 (18) million. The Group's net sales increased by 75 percent to SEK 28 (16) million. The distribution between projects and web services (subscriptions) was 40/60 (60/40) percent. The gross margin increased to 86 (81) percent. The Group's operating profit improved to SEK -15 (-17) million. Basic earnings per share amounted to SEK -0.29 (-0.31). Cash flow from operating activities was SEK -18 (-15) million. The accumulated number of users increased to approximately 845,000. The accumulated number of downloads amounted to 25.5 million. The number of manufacturers was 1,230. The Board decided to initiate the process of listing the Company on Nasdaq Stockholm. Significant events during the second quarter BIMobject forms strategic partnership with Pipe Retail Solution to streamline digital planning of retail spaces. BIMobject signs Letter of Intent with leading US 3D media company Matterport. CEO's comments EQT Ventures' investment

Immunicum AB (publ) to Present Preclinical Data on Ilixadencel in Combination with CPIs and Immune Enhancers at ESMO 2018 Congress13.8.2018 08:00Pressmeddelande

Press Release 13 August 2018 Immunicum AB (publ) to Present Preclinical Data on Ilixadencel in Combination with CPIs and Immune Enhancers at ESMO 2018 Congress Immunicum AB (publ; IMMU.ST) announced today that the company will present a poster on its lead development candidate, ilixadencel, at the European Society for Medical Oncology (ESMO) 2018 Congress, held October 19-23, 2018 in Munich, Germany. Immunicum will announce the complete data through a press release following the presentation. The poster abstract will also be published in the ESMO 2018 Congress Abstract Book, a supplement to the official ESMO journal, Annals of Oncology. Poster Information: Title: Intratumoral administration of pro-inflammatory allogeneic, "off-the-shelf", dendritic cells in combination with anti-PD-1 or anti-CD137 has a synergistic anti-tumor effect Presentation Number: 440P Presenter: Dr. Alex Karlsson-Parra, Chief Scientific Officer Date & Time: Monday, October 22, 2018; 12.45 - 13.45 CET Location: H

Immunicum AB (publ) presenterar prekliniska data för ilixadencel i kombination med checkpointhämmare och immunaktiverare på 2018 års ESMO-kongress13.8.2018 08:00Pressmeddelande

Pressmeddelande 13 augusti 2018 Immunicum AB (publ) presenterar prekliniska data för ilixadencel i kombination med checkpointhämmare och immunaktiverare på 2018 års ESMO-kongress Immunicum AB (publ; IMMU.ST) tillkännagav idag att bolaget kommer att presentera en poster om sin ledande produktkandidat, ilixadencel, på 2018 års kongress för European Society for Medical Oncology (ESMO) , som hålls den 19-23 oktober 2018 i München i Tyskland. Immunicum kommer att offentliggöra fullständiga data i ett pressmeddelande som följer efter presentationen. En sammanfattning av postern kommer också att publiceras i ESMO 2018 Congress Abstract Book, ett komplement till ESMO:s officiella årsbok, Annals of Oncology. Posterinformation: Titel: Intratumoral administration of pro-inflammatory allogeneic, "off-the-shelf", dendritic cells in combination with anti-PD-1 or anti-CD137 has a synergistic anti-tumor effect (Intratumoral administration av pro-inflammatoriska allogena dendritiska celler som kan lagr

I vårt pressrum kan du läsa de senaste pressmeddelandena, få tillgång till pressmaterial och hitta kontaktinformation.

Besök vårt pressrum