ClearOne Sells Camera Product Line to Focus on Core Audio Conferencing Operations.SALT LAKE CITY -- ClearOne Communications Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : CLRO CLRO Corporation of London Record Office .OB) today announced the sale of its document and educational camera product line to Ken-A-Vision Manufacturing Co. Inc., a privately held manufacturer of camera solutions for education, audio visual, research, and manufacturing applications. Under the terms of the transaction, Ken-A-Vision received the intellectual property rights to ClearOne's camera technologies, as well as ownership of current inventory. The sale price was $635,000, payable in cash and a 24-month note receivable note receivable A debt due from borrowers and evidenced by a written promise of payment. Note receivable, an entry on the asset side of many corporate balance sheets, indicates the dollar amount of loans due to be repaid by borrowers. . "This transaction strengthens our balance sheet and allows us to focus our resources and energies on our core audio conferencing See audioconferencing. operations," said Zee Hakimoglu, ClearOne's president and chief executive officer. "Following a strategic review process, we determined that selling our document and educational camera product line to a company that specializes in this business was best for ClearOne and its future growth opportunities." "We are delighted that we were able to come to an agreement on this transaction," said Steve Dunn
About Ken-A-Vision For over 50 years, Ken-A-Vision Manufacturing has filled the world's classrooms with innovative, visual learning technology -- cameras, software microscopes, accessories and support that help students see more, do more and learn more. Based in Kansas City Kansas City, two adjacent cities of the same name, one (1990 pop. 149,767), seat of Wyandotte co., NE Kansas (inc. 1859), the other (1990 pop. 435,146), Clay, Jackson, and Platte counties, NW Mo. (inc. 1850). , Mo., Ken-A-Vision is the premier U.S. manufacturer of camera solutions and the world's leading, single-source supplier of real-world, real-time 1. real-time - Describes an application which requires a program to respond to stimuli within some small upper limit of response time (typically milli- or microseconds). Process control at a chemical plant is the classic example. visual learning systems. Learn more by visiting Ken-A-Vision on the Web at www.kenavision.com. About ClearOne ClearOne is a communications solutions company that develops and sells audio conferencing systems and other related products for audio, video, and Web conferencing A videoconferencing session via the Internet. In order to interact with other participants, attendees use either a Web application or an application downloaded into their client machines. 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. For more information, visit ClearOne's Web site at www.clearone.com. This release contains "forward-looking" statements that are based on present circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or and on ClearOne's predictions with respect to events that have not occurred, that may not occur, or that may occur with different consequences and timing than those now assumed or anticipated. Such 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. , including statements regarding the company's ability to successfully commercialize newer products and enter new markets, are not guarantees of future performance or results and involve risks and uncertainties that could cause actual events or results to differ materially from the events or results described in the forward-looking statements. Such forward-looking statements are made only as of the date of this release and ClearOne assumes no obligation to update forward-looking statements to reflect subsequent events or circumstances. Readers should not place undue reliance on these forward-looking statements. http://www.b2i.us/irpass.asp?BzID=509&to=ea&s=0 |
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