19th Apr 2007 07:02
Adamind Ltd19 April 2007 19 April 2007 Adamind Ltd ("Adamind" or "the Company") Completion of Asset Sale to Mobixell Further to the announcement of 21 February 2007 and approval obtained at theExtraordinary General Meeting on 12 April 2007, the Board of Adamind announcesthat the Company has completed the sale to Mobixell Networks (Israel) Ltd.("Mobixell") a wholly owned subsidiary of Mobixell Networks Inc., a Delawarecompany, of substantially all the Company's assets and assignment of certainrelated liabilities (the "Transaction"). Under the terms of the Transaction, Adamind will receive as consideration forthe assets sold to Mobixell $5,500,000 in cash, less an amount of $550,000 thatwill be deposited in escrow to provide for certain indemnifications. The escrowamount may be released to the Company prior to the 12-month anniversary of theclosing upon the liquidation of the Company. Following the Transaction, the Company's assets consist primarily of cash, andthe board of directors intends to return monies to the shareholders at theearliest opportunity. Enquiries AdamindOrna Berry, Executive Chairperson +972 9 971 9111Shailendra Jain, CEO +1 801 231 9076 Corfin CommunicationsNeil Thapar, Harry Chathli +44 20 7929 8989 Bridgewell Limited, Nominated AdviserJohn Craven, Simon Bridges, David Sanders +44 20 7003 3000 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Adams