GlobeNewswire

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

Del

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 GlobeNewswire

GlobeNewswire
GlobeNewswire
One Liberty Plaza - 165 Broadway
NY 10006 New York

https://globenewswire.com

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Følg saker fra GlobeNewswire

Registrer deg med din epostadresse under for å få de nyeste sakene fra GlobeNewswire på epost fortløpende. Du kan melde deg av når som helst.

Siste saker fra GlobeNewswire

CEO confidence in growth dips dramatically21.1.2019 18:45Pressemelding

Uncertainty in global economic growth in almost all countries, caution prevails US remains key target market for growth with China narrowing the gap, both see a decline from 2018 Trade conflicts, policy uncertainty, geopolitical issues and skills gap impacting strength of global economy and growth DAVOS, Switzerland, Jan. 21, 2019 (GLOBE NEWSWIRE) -- What a difference a year makes. Nearly 30% of business leaders believe that global economic growth will decline in the next 12 months, approximately six times the level of 5% last year – a record jump in pessimism. This is one of the key findings of PwC’s 22nd annual survey of 1,300 plus CEOs around the world, launched today at the World Economic Forum Annual Meeting in Davos. This is in vivid contrast to last year’s record jump, 29% to 57%, in optimism about global economic growth prospects. Although, all is not doom and gloom: 42% still see an improved economic outlook, though this is down significantly from a high of 57% in 2018. Overal

Komet announces initial Mineral Resource Estimate for the Kabaya Prospect, (Dabia Sud property, Mali)21.1.2019 15:10Pressemelding

QUEBEC CITY, Jan. 21, 2019 (GLOBE NEWSWIRE) -- Komet Resources inc. (TSX-V: KMT) (“Komet” or the “Company”) is pleased to report an initial mineral resource estimate for the Kabaya gold prospect drill prospect, located in the southern part of its Dabia Sud exploration permit (“the Property”) in Western Mali, West Africa. Highlights of the Resource Estimate include : An Indicated Resource of 3.17 million tonnes (Mt) grading 1.03 g/t for 105,000 contained gold ounces and an Inferred Resource of 0.96 Mt grading 1.14 g/t for 35,000 contained gold ounces at a cut-off grade of 0.40 g/t Au (table 1). The pit constrained resource is based on optimized pit shells using a gold price of 1350 US$ and a presumed heap leach gold recovery of saprolite ore. Gold mineralization at Kabaya remains open at depth in bedrock and laterally to the south-west and north-west. Komet intends to continue the resource definition drilling program in order to further develop the resource laterally in saprolite and at

INVNT Expands Global Footprint With Singapore Launch21.1.2019 15:07Pressemelding

NEW YORK, NY, Jan. 21, 2019 (GLOBE NEWSWIRE) -- INVNT, the global live brand storytelling agency™, today announces the opening of its second office in the APAC region – and eighth office globally – located in the thriving creative hub of Singapore. The move comes as the agency, which made its foray into the APAC region in October 2017 with launch of an office in Sydney, Australia, secures global contracts with a number of both new and existing clients. In the last 12 months, INVNT has achieved a 70% client retention rating and worked with 23 new clients worldwide. "The global demand for live events is continually on the rise, with more and more organizations elevating “live” as a core part of their marketing, sales and public relations strategies. At INVNT we believe in the power of live brand storytelling™, as it enables our clients to create deeper, more meaningful relationships with their target audiences,” said Scott Cullather, CEO, INVNT. "With businesses benefitting from the posi

INVNT Expands Global Footprint With Singapore Launch21.1.2019 15:06Pressemelding

NEW YORK, NY, Jan. 21, 2019 (GLOBE NEWSWIRE) -- INVNT, the global live brand storytelling agency™, today announces the opening of its second office in the APAC region – and eighth office globally – located in the thriving creative hub of Singapore. The move comes as the agency, which made its foray into the APAC region in October 2017 with launch of an office in Sydney, Australia, secures global contracts with a number of both new and existing clients. In the last 12 months, INVNT has achieved a 70% client retention rating and worked with 23 new clients worldwide. "The global demand for live events is continually on the rise, with more and more organizations elevating “live” as a core part of their marketing, sales and public relations strategies. At INVNT we believe in the power of live brand storytelling™, as it enables our clients to create deeper, more meaningful relationships with their target audiences,” said Scott Cullather, CEO, INVNT. "With businesses benefitting from the posi

Tenaris completes acquisition of significant stake in Saudi Steel Pipe Company21.1.2019 13:57Pressemelding

LUXEMBOURG, Jan. 21, 2019 (GLOBE NEWSWIRE) -- Tenaris S.A. (NYSE, Buenos Aires and Mexico: TS and MTA Italy: TEN) announced today that it closed its previously-announced acquisition from a private group of 47.79% of the shares of Saudi Steel Pipe Company (“SSP”), a welded steel pipes producer listed on the Saudi stock market, for a total amount of SAR 529.8 million (approximately US$141 million). SSP’s facilities are located in the Eastern Province of the Kingdom of Saudi Arabia and have a manufacturing capacity of 360,000 tons per year. The company, which started its operations in 1980 and serves energy, industrial and commercial segments, is qualified to supply products with major national oil companies in the region, including Saudi Aramco. Upon the closing of the transaction, four Tenaris’s nominees were appointed as new members of SSP’s board of directors. In addition, SSP’s board of directors appointed Mariano Armengol, a senior executive with Tenaris, as managing director and ch

FocusCura subsidiary Luscii will continue as independent company with partner OMRON Healthcare to accelerate their international expansion21.1.2019 12:37Pressemelding

Joining forces supports hospitals in moving care towards the home AMSTERDAM, The Netherlands, Jan. 21, 2019 (GLOBE NEWSWIRE) -- Luscii, the e-health application for remote monitoring developed by FocusCura, is set to continue as an independent company. Healthcare entrepreneur and FocusCura founder Daan Dohmen has acquired the majority of the shares and formed a strategic partnership with OMRON Healthcare, known among other things as the largest manufacturer of blood pressure monitors in the world. Part of this cooperation includes an investment, with which Luscii can accelerate its development further in the coming years. OMRON will also support launches in more European countries, as the two companies announced today. Remote monitoring With Luscii, chronically ill patients can be monitored remotely. Remote monitoring via the Luscii app, in combination with smart algorithms, warns the patient's healthcare network in the event of a deteriorating health situation. Direct contact is then