Sbe (NASDAQ:SBEI)
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From Jun 2019 to Jun 2024
SBE, Inc. (Nasdaq:SBEI), a leading provider of high-performance IP
storage solutions serving remote back-up and disaster recovery
applications, today announced it has signed a definitive asset purchase
agreement to sell its embedded hardware business to One Stop Systems,
Inc. for approximately $2.2 million in cash. In addition, under the
terms of the agreement, One Stop Systems will assume the lease
liabilities associated with SBE’s corporate
headquarters and equipment related to the embedded hardware business.
“We are pleased with the terms of the asset
sale transaction. The infusion of $2.2 million in cash, coupled with the
reduction in our long-term liabilities, expands the options available to
SBE as we explore all strategic alternatives that may enhance
shareholder value,” said Greg Yamamoto,
President and Chief Executive Officer of SBE.
“The acquisition of SBE’s
embedded hardware business further accelerates One Stop Systems' growth
in the embedded computer marketplace. We look forward to serving the
expanded customer base we now have as a result of this acquisition. We
believe the synergies from the combined product lines will better serve
our current customers as well as SBE’s
existing, embedded hardware clients," said Steve Cooper, President and
Chief Executive Officer of One Stop Systems.
SBE expects to complete the transaction in its second fiscal quarter,
subject to satisfaction of closing conditions set forth in the asset
purchase agreement. In addition to customary closing conditions, the
transaction is subject to the approval of SBE’s
shareholders.
About SBE
SBE designs and provides IP-based storage networking solutions for an
extensive range of business critical applications, including back-up and
disaster recovery. SBE delivers a portfolio of scalable, standards-based
hardware and software products designed to enable optimal performance
and rapid deployment across a wide range of next-generation storage
systems. Based in San Ramon, California, SBE is a publicly traded
company (NASDAQ:SBEI) with products sold worldwide through direct sales,
OEMs and system integration partners. More information is available at www.sbei.com.
About One Stop Systems
One Stop Systems, Inc., a global provider in industrial-grade computing
systems and components, manufactures standard, custom and semi-custom
designs for converged communications, industrial control and military
applications. These include CompactPCIe, PCIe, PCI/ISA and VME-based
architectures. One Stop Systems offers responsive service, the highest
quality design and manufacturing and on-time delivery. One Stop Systems
is based in Escondido, California. More information is available at www.onestopsystems.com.
Forward-Looking Statements
This news release contains certain forward-looking statements that
involve risks and uncertainties, including statements about consummation
of the proposed asset sale transaction. Such statements are only
predictions and the company’s actual results
may differ materially from those anticipated in these forward-looking
statements. Factors that may cause such differences include, but are not
limited to, the ability of One Stop to make the purchase price payment
and the ability of each of SBE and One Stop to comply with the closing
conditions necessary in order to consummate the transaction. These
factors and others are more fully discussed in the documents the company
files from time to time with the Securities and Exchange Commission,
particularly, the Form 8-K filed with the Securities and Exchange
Commission on the date hereof and the company's most recent Form 10-K
and Form 10-Q.
SBE and the SBE logo are registered trademarks of SBE, Inc. All other
brand or product names are trademarks or registered trademarks of their
respective holders.
Additional Information and Where to Find It
In connection with the proposed asset sale and required stockholder
approval, SBE intends to file with the Securities and Exchange
Commission, or SEC, a proxy statement on Schedule 14A that will be
mailed to the stockholders of SBE. INVESTORS AND SECURITY HOLDERS OF SBE
ARE URGED TO READ THE PROXY STATEMENT AND ANY OTHER RELEVANT MATERIALS
WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION ABOUT THE PROPOSED ASSET SALE. The definitive proxy
statement will be mailed to the stockholders as of a record date to be
established for voting on the proposed asset sale. Investors and
security holders will be able to obtain free copies of the proxy
statement, as well as other filed materials containing information about
SBE, at www.sec.gov, the SEC’s
website. Investors may also access the proxy statement and the other
materials at www.sbei.com, or obtain
copies of such material by request to SBE’s
Corporate Secretary at: SBE, Inc., 4000 Executive Parkway, Suite 200,
San Ramon, CA 94583.
SBE and its officers and directors may be deemed to have participated in
the solicitation of proxies from SBE's stockholders in favor of the
approval of the asset sale. Information concerning SBE's directors and
executive officers is set forth in the publicly filed documents of SBE.
Stockholders may obtain more detailed information regarding the direct
and indirect interests of SBE and its directors and executive officers
in the asset sale by reading the preliminary and definitive proxy
statements regarding the asset sale, which will be filed with the SEC.