ClearOne completes asset sale to Biamp Systems

ClearOne Inc. (NASDAQ: CLRO) announced it completed the sale of certain assets to Biamp Systems LLC on October 24. The audio-visual technology company entered into a definitive agreement and simultaneously closed the transaction as part of its strategic process to sell all or substantially all of its current assets and operations.

Under the agreement, Biamp acquired intellectual property, product inventory, and customer data. The sale excluded ClearOne's books and records, equity interests, subsidiaries, and assets related to its public company status, including transfer records, stock ticker, and listings. Product warranty and support operations were also excluded from the transaction.

"ClearOne will continue to exist as a public company after this asset sale," said Derek Graham, CEO of ClearOne. "We believe that this asset sale is the best way to maximize value for current shareholders while allowing the company to pivot to take advantage of new business opportunities in the future."

ClearOne will continue providing product warranty and support services according to its published warranty policy. The company stated this transaction supports its previously disclosed plan to pursue transactions involving the eventual sale of all or substantially all of its current assets and operations.

The Salt Lake City-based company develops conferencing, collaboration, and network streaming solutions, including beamforming microphones, DSP mixers, USB speakerphones, and video conferencing systems. Biamp Systems is described as a global provider of professional audio-visual solutions.

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