Numerex Settles Acquisition Dispute
ATLANTA, 10 Jan. 2011- Numerex Corp, a leading single source provider of secure machine-to-machine (M2M) products and services, announced today that it has come to terms with the owners of Orbit One Communications, Inc. and affiliates, settling the dispute amongst the parties for a net cash outlay of $1.73 million and a buy-back of 320,833 shares of Numerex common stock (acquired at Friday, January 7th closing price of $9.03) that were earned and previously escrowed as part of the acquisition earn-out agreement.
Numerex Corp is a leading provider of machine-to-machine (M2M) business services, technology, and products used in the development and support of M2M solutions for the enterprise and government markets worldwide. The Company offers Numerex DNA® that includes hardware and smart Devices, cellular and satellite Network services, and software Applications that are delivered through Numerex FAST™ (Foundation Application Software Technology). Numerex is ISO 27001 information security-certified.
SOURCE: Numerex Corp