A Novo Broadband, Inc. Reports Agreement to Sell Assets.Business Editors/High-Tech Writers NEW CASTLE, Del.--(BUSINESS WIRE)--April 25, 2003 A Novo Broadband, Inc. (Pink:ANVB) reported today that it has entered into a definitive agreement to sell substantially all of the assets used in its ongoing business for $1.8 million in a transaction pursuant to ss.363 of the Bankruptcy Code Bankruptcy Code may refer to:
The proposed sale to Teleplan Holdings USA, Inc. is subject to higher and better offers and to certain conditions, including the approval of the transaction by the court in A Novo Broadband's pending Chapter 11 case. The agreement supersedes a previously reported non-binding letter of intent with another potential buyer. William Kelly Throughout history there have been a number of people named William Kelly.
He said the Company plans to continue operations and actively seek business pending the sale and that it was Teleplan's intention to maintain customer and supplier relationships following the sale. The proposed sale does not include certain inventory and other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. . The Company is continuing efforts to sell all of its remaining assets. A Novo Broadband provides equipment repair and related services to manufacturers of digital modems and set-top boxes The cable TV box that sits on "top" of the TV "set," although it is often located several feet away in an equipment rack. The set-top box descrambles the premium channels and provides a tuner for the higher cable numbers that very old TVs did not support. and to cable system operators who utilize the equipment. This press release includes statements which constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provision of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These statements are identifiable by use of such words as "belief", "expect", "anticipate" or other similar words or phrases that indicate their forward-looking character. Such statements are inherently subject to risks and uncertainties that could cause actual results to differ materially from those anticipated. |
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