Brightcube to Sell Web Based Digital Imaging Assets to Canon U.S.A.
Press release from the issuing company
EL SEGUNDO, Calif.--Oct. 31, 2001--Brightcube, Inc., a leading developer and provider of digital papers and print-on-demand technology for the professional art, proofing and photography markets, today announced that it has agreed to sell certain assets of its ASP Services operating division, based in Campbell, California, to Canon U.S.A., Inc., a subsidiary of Canon Inc. The transaction is expected to close in November.
The terms of the asset purchase provide for Canon U.S.A. to pay Brightcube $1.2 million less closing adjustments. The ASP Services division provides Web-based digital imaging infrastructure for co-branded, private label and customized installations for consumer oriented photo-sharing communities and digital imaging businesses.
The assets to be sold consist of the hardware and software that were used by the ASP Services division, as well as the rights to the brand name Photoloft and related Web sites. The Company's Working Photo professional photography related software is not included in this transaction. Chris McConn, the Company's Chief Technology Officer, based in Campbell, California, will be leaving the Company upon the closing of the transaction. Brightcube's engineering team in El Segundo, primarily focused on the Company's print-on-demand technology, the Brightcube Solution, will remain with the Company. Elizabeth Wenner, Vice President of Internet Development, will continue to manage this group.
Al Marco, President and Chief Executive Officer of Brightcube, stated, "The sale of these non-core assets will further reduce our operating expenditures and enable management to focus on the operating divisions which Management believes will provide the greatest return to our shareholders - world class digital consumables and print-on-demand technology for the art and photography markets. The sale proceeds will provide working capital and enhance our ability to take advantage of available opportunities in the market and to build stronger awareness and appreciation for the Brightcube Solution, our revolutionary print-on-demand technology.''
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