ClearOne Acquires NetStreams
- 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
SOURCE ClearOne
ClearOne Communications, Inc., Investor Relations, +1-801-303-3555
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