Media 100 has filed for bankruptcy in a US court. Should the Chapter 11 bankruptcy proceedings be agreed by the US court, Optibase have an agreement to buy Media 100’s assets for $2.5 million (around £1.38 million).
As part of the agreement, Optibase are to provide a $1 million (£550,000) debtor-in-possession loan until the deal is closed, which will allow the company to continue trading. Optibase claims that it will keep the company, its staff and its products intact following any conclusion of the agreement.
“Following approval by the Court, Optibase intends to keep Media 100 activity intact as a unit in Optibase in order to continue the development, sales, and support of the Media 100 products,” said Tom Wyler, Optibase CEO. “We strongly believe in the capabilities of the Media 100 team of employees and their vision for 844/X and Media 100 HD, and believe that with our financial strength the Media 100 line of products will be able to realize their potential.”
“The Optibase deal gives Media 100 strong financial support during the Chapter 11 proceeding in order to drive the market penetration of 844/X Version 3 and the debut release of Media 100 HD,” said John Molinari, Media 100 CEO. “We believe that with our substantial, five-year technology investment, Optibase will acquire products that will be cutting edge and allow for strong competition in the market.”