Opta Systems submitted a final bid, which was approved by the Bankruptcy Court. The purchase price is subject to adjustment and the consummation of the transaction is subject to certain closingconditions. The Companies anticipate the transition of assets to be completed by mid-April.
As the former Chief Executive Officer of Sensory Science Corporation, I understand the true value of this business unit,â€ said Roger Hackett, Vice Chairman, Opta Systems. â€œI believe in the products and the GoVideo team and I am confident that together with management, we can leverage the tremendous growth in the digital video marketplace to achieve GoVideo’s full potential.
We are confident that Opta is the best option, both for the future success of the product line, as well as for our customers,â€ said Gregory Ballard, Chief Executive Officer, SONICblue. â€œWe are pleased this phase of the process has been completed, and look forward to a smooth transition of assets.
On March 21st, SONICblue Incorporated announced that it and three of its subsidiaries will file voluntary petitions for reorganization under Chapter 11 in the United States Bankruptcy Court of the Northern District of California, San Jose Division.