Media 100 Signs to Sell to Optibase Ltd.
March 01, 2004
Marlboro, MA - Media 100 Inc. has executed a non-binding term sheet providing for the sale of substantially all of its assets to Optibase Ltd.
This transaction will allow Media 100 to continue to develop, sell and support its 844/X editing-compositing systems, newly-introduced Media 100 HD system, Media 100 i, and other content design products, the companies report.
The transaction is anticipated to be effected as part of a prepackaged bankruptcy. The term sheet specifies that Optibase intends to provide up to $1 million in a debtor-in-possession loan, and buy substantially all the assets of the Company for $2.5 million (less the amount of any debtor-in-possession funding advanced). It is anticipated that substantially all of the proceeds will be used to pay operating expenses and creditors, and it is unlikely that stockholders would receive any payment.
The acquisition is subject to a number of contingencies, including negotiation and completion of final documentation and approval by the bankruptcy court. In the event the transaction is not completed, Media 100 may be required to cease operations.
For more information, visit
www.media100.com
or
www.optibase.com
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Forward Looking Statements
This press release includes "forward-looking statements." All statements other than statements of historical fact are statements that could be deemed forward-looking statements. All forward-looking statements in this press release are made based on management's current expectations and estimates, which involve risks, uncertainties and other factors that could cause results to differ materially from those expressed in forward-looking statements. For detailed information about factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to the Company's filings with the Securities and Exchange Commission, including the Company's most recent Quarterly Report on Form 10-Q. The Company does not undertake any obligation to update forward-looking statements made herein. |
