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Milestone Reached in DEI's Acquisition of Clifford
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Friday's court order by the Honorable Arthur M. Greenwald, United States Bankrupcy Judge, approved the sale of the assets of Clifford Electronics, Inc. to Directed Electronics, Inc. (DEI). The order reads in part: "No party appeared at the hearing on the Motion to overbid the purchase price offered by DEI for the Acquired Assets...DEI is therefore deemed to be the successful and the highest bidder for the Acquired Assets," and "...sale of the Acquired Assets to DEI in accordance with the terms and conditions of the Agreement is in the best interest of [Clifford Electronics, Inc.]" The acquisition is scheduled to close within two weeks. According to Darrell Issa, president and CEO of Directed: "The court has found what Clifford's customers will soon find to be true: that the sale of Clifford to DEI will be a win-win, benefiting all parties, including mobile electronics consumers and the authorized retailers of both DEI and Clifford." Glenn Busse, DEI's vice president of Sales & Marketing, concurs: "Our number one priority is to now consolidate the operations of Clifford and Avital here at DEI's Vista, California headquarters so we can efficiently serve both old and new customers. Luckily, we will have the help of more than a score of Clifford employees who are relocating here from Chatsworth."
Link for more info: www.directed.com
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