Arecont Vision LLC to Execute Asset Purchase Agreement With An Affiliate Of Turnspire Capital Partners LLC
Arecont Vision, announced today that it will execute an asset purchase agreement with an affiliate of Turnspire Capital Partners LLC under which Turnspire will acquire substantially all of the company’s assets. To eliminate the company’s debt, Arecont Vision has initiated proceedings under chapter 11 of the United States Bankruptcy Code in the District of Delaware, from which it expects to emerge with a clean balance sheet and fresh capital. The proposed transaction will enable the company to pursue accelerated development of new, industry-leading video surveillance products and better meet the needs of its customers today and beyond.
“Through this transaction, Arecont Vision will shed its debt and make bolder decisions to invest in our future versus maintain the status quo,” said Raul Calderon, chief operating officer and general manager, Arecont Vision. “We are excited to have found a partner in Turnspire who shares our vision and will ensure an exciting future for the company to the benefit our customers, employees, and partners. Manufacturing, customer service, and sales activities will continue uninterrupted. Our employees will receive their wages and benefits as before, and our own vendors and suppliers will be paid in the ordinary course of business going forward.”