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Alvarion, in Receivership, Requests Court to Approve Sale of Certain Assets

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Alvarion (in Receivership) (NASDAQ: ALVR), a global provider of optimized wireless broadband solutions addressing the connectivity, coverage and capacity challenges of public and private networks, announced today that Mr. Yoav Kfir, the court-appointed Receiver, submitted a motion to the District Court of Tel Aviv – Yaffo requesting the Court to approve the sale of the Company and certain assets to Valley Telecom Ltd.

Valley Telecom offered to buy the Company's assets and activity, excluding its patents, for an immediate payment of $1.5 million, plus milestone payments of a minimum of $1.8 million payable within 12 months. Additional payments, above the guaranteed $1.8 million, will be received, subject to the sale by Valley Telecom of the Company's existing inventory and the collection of accounts receivables. The court-appointed Receiver expects the value of these assets, and consequently the milestone payments to be received from Valley Telecom, to be higher than the minimum agreed payment of $1.8 million.  

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Posted-In: News Guidance Contracts Asset Sales Management Global

 

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