Ciprico Completes Sale of Intellectual Property to Dot Hill
30 Septembre 2008 - 11:51PM
Business Wire
Ciprico Inc. (the �Company� or �Ciprico�), announced today that on
September 24, 2008, it closed the asset sale of certain of
Ciprico�s intellectual property assets to Dot Hill Systems Corp.
(NASDAQ: HILL). Pursuant to bankruptcy proceedings Dot Hill Systems
was the winning bidder to acquire all of Ciprico's rights to its
RAIDCore� technology and a joint ownership interest with Ciprico in
its NAS intellectual property. Payment terms include a cash payment
of $2.25 million at closing, a promissory note for $1.0 million
over a 42-month period and an earnout of as much as $2 million over
42 months. At closing the Company repaid a debtor-in-possession
loan from Dot Hill Systems of $225,000. Ciprico filed for Chapter
11 bankruptcy protection on July 28, 2008. The U.S. Bankruptcy
Court for the District of Minnesota in Minneapolis approved the
Agreement on September 18, 2008. About Ciprico Ciprico Inc.
(NASDAQ: CPCI) is a leading provider of intelligent storage
software, solutions and appliances for enterprise class IT servers,
professional workstations and digital media workflows. Ciprico is
headquartered in Minneapolis, MN. More information about Ciprico is
available at www.ciprico.com.
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