Asante Technologies to Be Acquired by Investors
Asante Technologies Inc. (San Jose, CA) announced that it has entered into a definitive agreement with Oblique Inc., an acquisition company created and led by one of its former Vice Presidents of Sales and Marketing, James Volkmar, which will result in a merger between Asante and Oblique. The value of the recapitalization transaction is approximately $5.12 million, subject to certain performance requirements.
Under the terms of the agreement, each stockholder of Asante is expected to receive up to approximately $0.50 in cash per share. The agreement provides for a cash payment at the closing of up to approximately $0.45 per share, plus up to approximately $0.05 per share to be distributed no later than March 31, 2004, subject to certain indemnification obligations. Common Stock of Asante will be delisted from the Nasdaq OTC Bulletin Board as a result of the transaction.