Syquest Technology Announces Name Change and the Sale of Select Assets to Iomega Corporation.FREMONT Fremont (frē`mŏnt). 1 City (1990 pop. 173,339), Alameda co., W Calif., on San Francisco Bay; inc. 1956. Long an agricultural center, with champagne vineyards founded (1870) by Leland Stanford, it still ships fruits and vegetables. , Calif.--(BUSINESS WIRE)--April 22, 1999-- SyQuest Technology SyQuest Technology, Inc., now known as SYQT, Inc., was an early entrant into the removable hard disk market for personal computers. The company was started in 1982 by Syed Iftikar who named it partially after himself in a derivation of "Sy's Quest". Inc. announced that the sale of substantially all its U.S. assets to Iomega Corporation (company, storage) Iomega Corporation - A storage device manufacturer whose major products are the Zip and Jaz removable disk drives and Ditto tape drives. They became popular with an early product called the Bernoulli Box. for approximately $9.1 million has been completed. Included in the sale was all intellectual property, all U.S. fixed assets fixed assets npl → activo sg fijo fixed assets npl → immobilisations fpl fixed assets fix npl → , and all U.S. inventory, raw materials and work in progress. The proceeds from the sale were used to pay SyQuest's secured lender, Greyrock Business Credit. As part of the sale, SyQuest has changed its name to SYQT SYQT System Qualification Testing , Inc. SYQT will retain all of its accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying , will continue providing limited service and support (including warranty service), and offer limited sales of SyQuest branded products. Information regarding service, support, sales, repairs, warranty returns and product service operations can be found on SYQT's web site (http://www.SYQT.com). The Company anticipates adding additional customer service and technical support resources in the future. Notwithstanding the sale of assets and the collection of its accounts receivables, SYQT does not expect to have sufficient assets to satisfy the claims of all creditors. As a result, it appears that there will not be any distribution to SYQT's shareholders and that SYQT common stock therefore has no value. SYQT common stock had previously been delisted from the Nasdaq National Market on January 21, 1999. This news release contains 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. that involve risks and uncertainties, including competition in the marketplace for the company's products, and other risks detailed from time to time in the SEC reports filed by SYQT, fka SyQuest Technology, Inc. including its most recent reports on Forms 8K, 1OK and 10Q. Note to Editors: SyQuest is a registered trademark and the SyQuest logo is a trademark of Iomega Corporation. All other brands or trade names are the property of their respective companies. SYQT is not an agent or otherwise an affiliate of Iomega Corporation. |
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