ClearOne closes asset sale transaction with Biamp Systems

ClearOne (CLRO) entered into a definitive agreement to sell certain assets to Biamp Systems. This asset sale is part of ClearOne’s ongoing strategic process and in support of its previously disclosed plan to pursue one or more transactions involving eventual sale of all or substantially all of the Company’s current assets and operations. Under the terms of the agreement, Biamp will acquire intellectual property, product inventory, and customer data among other things. Assets excluded from the sale include the books and records of the ClearOne parent company, the equity of any of the Sellers or the subsidiaries of the Sellers or any assets of ClearOne’s Parent primarily related to ClearOne Parent’s public company status. Product warranty and support operations are also excluded from the transaction. ClearOne will continue to provide product warranty and support services. The Company entered into the definitive agreement and simultaneously completed the asset sale on October 24.