Conditional sale of hardware division
Vislink has announced that it has entered into a conditional agreement to sell the assets of Vislink Communication Systems (VCS) for $16m. The transaction is expected to be subject to shareholder approval and to close by end FY16. The deal frees management to focus on the software division, which reported a strong increase in order intake during H116, in contrast to the hardware division where H116 revenues fell by 19%, taking the division and the group into the red. The deal also solves the debt problem, leaving the group substantially debt-free. Net debt had reached £8.8m at end June and in September the group was fully utilising its £15.0m revolving credit facility, potentially breaching bank covenants.Pebble Beach Systems Group is a software technology company serving customers in the broadcast markets. Pebble Beach Systems is Co.'s software business. Co.'s primary products includes: Marina, an enterprise level playout automation platform for multi-channel applications; Orca, an internet protocol-enabled cloud-based integrated channel delivery solution running in a virtualized environment; Dolphin, a multi-format integrated channel delivery solutions based on standard information technology hardware; and Stingray, a self-contained Channel in a Box. Co.'s solutions enable the management, delivery and distribution of collected live video and associated data.
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