XOS Technologies Announces the Sale of the Assets of its Broadband Network business unit to Internet Broadcaster JumpTV
XOS Technologies, Inc. today announced the signing of a definitive agreement to sell the assets of its XOS Broadband Network business unit to JumpTV Inc. (AIM, TSX: JTV).
“This transaction will be a tremendous benefit to all of our partner teams and employees,” said Rich Ruben, CEO, XOS Technologies. “Our Network partners and employees are now joining the leading broadcaster of live television via the Internet JumpTV. This will provide tremendous growth opportunities for everyone involved. The sale of our Broadband Network business unit will enable XOS, as a company, to be dedicated and focused on its original mission; solutions for teams, video personnel, management and coaches in all sports.”
XOS Technologies will continue to operate Coaching Solutions and Facilities Design & Integration groups out of its offices in
Fla. XOS Network staff will remain in
Fla. and, after closing, will continue normal operations as part of JumpTV.
“Our Coaching Solutions product roadmap is strong and we are excited about the level of enthusiasm and feedback we are receiving from our customer base,” said Bob Simmons, President, XOS Coaching Solutions. “We recently delivered our new platform, Thunder, to several development partners and look forward to wider release in 2008. Our Play Action Simulator, jointly developed with EA, and SportMotion product, are shipping and being installed at customer sites this summer. The Network business unit will remain in place as a subsidiary at JumpTV and we will continue to work with them to find synergy in the XOS client base where it is appropriate.”
“This is an exciting transaction for the XOS Network,” said Nada Usina, XOS Network President. “JumpTV creates significant opportunities for our valued partners. We look forward to joining forces with JumpTV to maximize results for each and every team, conference, university and sports organization within our rapidly growing Network.”
The transaction is expected to close in August, subject to regulatory approval. Bear, Stearns & Co. Inc. acted as exclusive financial advisor to XOS Technologies in the transaction.