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| file | filename |
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| 8-K - FORM 8-K - CLEARONE INC | p16247e8vk.htm |
| EX-2.2 - EX-2.2 - CLEARONE INC | p16247exv2w2.htm |
| EX-10.24 - EX-10.24 - CLEARONE INC | p16247exv10w24.htm |
| EX-10.23 - EX-10.23 - CLEARONE INC | p16247exv10w23.htm |
Exhibit 99.1
ClearOne Acquires NetStreams
11/3/2009 11:30:00 AM
- NetStreams Brings ClearOne Audio and Video IP-based Network Solutions -
11/3/2009 11:30:00 AM
- NetStreams Brings ClearOne Audio and Video IP-based Network Solutions -
SALT LAKE CITY, Nov. 3 /PRNewswire-FirstCall/ — ClearOne (Nasdaq: CLRO), the leading global
provider of audio conferencing solutions today announced it has acquired NetStreams, Inc.
NetStreams is the global leader in digital media networks based on Internet Protocol (IP)
technology that is used in a wide variety of applications, including digital signage, corporate
video distribution, network operations centers and government facilities, and large venues in such
industries as hospitality, entertainment and casinos. NetStreams’ digital streaming media and
control systems support virtually any number of digital or analog sources, including high
definition audio and video content to nearly an unlimited number of networked endpoints.
Under the terms of the transaction, ClearOne paid approximately $2 million in cash and assumed
approximately $2 million of long-term debt. In addition, ClearOne will also make earn out payments
over the next two years based on achievement of certain performance criteria.
Headquartered in Austin, Texas, privately-held NetStreams has approximately 20 employees and will
continue to operate from its current location. NetStreams’ 2009 revenues are anticipated to be in
excess of $5 million. ClearOne reported revenues of $35.7 million for its fiscal year ended June
30, 2009.
“The transaction represents a perfect fit for both companies, bringing complementary products and
sales channels to both organizations,” said Zee Hakimoglu, president and chief executive officer of
ClearOne. “The combination will change the game by enabling us to provide a comprehensive high
definition audio and video solution to deliver the true promise of audiovisual and IT convergence.
We welcome NetStreams, their partners and customers to the ClearOne family.”
Kevin Reinis, formerly the president and chief executive officer of NetStreams, said, “Both
companies have earned stellar reputations for providing the most compelling and complete product
solutions in the broad market we both serve. As the global market increasingly embraces the
benefits of distributing audio, video and data content efficiently through Internet Protocol
technology, the combined company will be an even more powerful industry force.”
About NetStreams
Founded in 2002, NetStreams delivers the Ultimate IP A/V Experience by distributing high definition
audio and video over TCP/IP networks. NetStreams’ products, designed for commercial and residential
use, offer unprecedented levels of performance, functionality, simplicity, reliability, and
expandability. By combining audio/video content, meta-data and control signals into one stream and
incorporating industry standards, NetStreams solutions are a smart investment. NetStreams is
enabling the future of IP A/V — today. For additional information on NetStreams and its innovative
products, please visit www.netstreams.com.
About ClearOne
ClearOne is a communications solutions company that develops and sells audio conferencing systems
and other related products for audio, video, and web conferencing applications. The reliability,
flexibility, and performance of ClearOne’s comprehensive solutions create a natural communications
environment, which saves organizations time and money by enabling more effective and efficient
communication. For more information, visit ClearOne’s website at www.clearone.com.
This release contains “forward-looking” statements that are based on present circumstances and on
ClearOne’s predictions with respect to events that have not occurred, that may not occur, or that
may occur with different consequences and timing than those now assumed or anticipated. Such
forward-looking statements, including statements regarding the company’s ability to successfully
commercialize newer products and enter new markets, are not guarantees of future performance or
results and involve risks and uncertainties that could cause actual events or results to differ
materially from the events or results
described in the forward-looking statements. Such forward-looking statements are made only as of
the date of this release and ClearOne assumes no obligation to update forward-looking statements to
reflect subsequent events or circumstances. Readers should not place undue reliance on these
forward-looking statements.
http://www.b2i.us/irpass.asp?BzID=509&to=ea&s=0
| Contact: | ClearOne Communications, Inc. Investor Relations (801) 303-3555 |