ValCom, Inc. To Evaluate Assets Sales18:55 08.11.12
PR Newswire
BOONTON TOWNSHIP, N.J., Nov. 8, 2012
BOONTON TOWNSHIP, N.J., Nov. 8, 2012 /PRNewswire/ -- On August 23, 2012 the Board of Directors of ValCom, Inc. (PINKSHEETS: VLCO) deliberated upon, and voted to identify and evaluate, potential strategic options to sell and monetize certain ValCom assets. Following an assessment of various options, the Board of Directors voted to evaluate this option having determined it to be in the best interests of the company. As part of its considerations, the Board of Directors identified that an asset sale would permit the company to retire substantial company debt. To that end, discussions have been initiated with multiple parties to gauge the viability and circumstances of a potential sale.
ValCom's Chief Executive Officer Tim Harrington stated, "After having thoroughly reviewed the various options open to move the company forward, the Board of Directors and I have come to the conclusion that it may be in the best interests of the company to monetize certain assets, and that such an option warrants further evaluation. In an effort to do this expeditiously, ValCom staff and consultants have been engaged in the refining and registration of copyrights held in our library of songs and movies. Unfortunately, much time and work has gone into unraveling the books, records and assets of ValCom which were in disarray when received by us following the dismissal of former management." Mr. Harrington continued, "However, we have made good progress in the past 5 months and are moving forward in evaluating those opportunities most appropriate for ValCom at this stage and with a view towards the future of the company." |