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Novra Technologies and International Datacasting Corporation (IDC) have announced that their Board of Directors have approved a merger agreement for IDC to merge with Novra. Under the terms of the Merger Agreement, Novra will acquire 100 per cent of the issued and outstanding common shares of IDC for total purchase consideration of approximately $1.9 million.
“The combination of IDC and Novra creates an exciting opportunity for our company, for our customers, and for our shareholders. This is a compelling financial and strategic transaction with meaningful operational efficiencies that will lead to a stronger balance sheet and profitability for Novra,” said Harris Liontas, President and CEO of Novra. “This merger, along with the pending acquisition of Wegener Corporation that was previously announced by Novra, will create a world-class company that is going to provide innovative and compelling solutions. With over 200,000 installations in over 100 countries, our strategy is to offer our clients protection of their current investments as they expand or upgrade their networks by offering them flexibility in product choices that use a common control platform.”
“We are thrilled to merge with Novra,” said Steve Archambault, CFO and Interim CEO. “We believe this merger creates a company that will optimise value for our shareholders and provide significant opportunities for our employees. Additionally, the combined complementary product and solution offerings will enable us to provide a broader range of products in order to better capitalise on the market opportunities for servicing the world’s premier broadcasters in radio, video, digital cinema and data networks.”