Inseego Corp. Updates on CFIUS Process and Sale of Novatel Wireless, Inc.
May 25 2017 - 7:00AM
Business Wire
On May 25, 2017, in connection with Inseego's proposed sale of
Novatel Wireless, Inc. to Jade Ocean Global Limited, a subsidiary
of T.C.L. Industries Holdings (H.K.) Limited, the Parties were
informed by CFIUS that the 30-day review period has been extended
into an investigation period which may last up to 45 days. Inseego
believes the CFIUS process will conclude on or prior to July 10,
2017.
About Inseego Corp.
Inseego Corp. (Nasdaq: INSG) is a leading global provider of
software-as-a-service (SaaS) and solutions for the Internet of
Things (IoT). The Company sells its telematics solutions under the
Ctrack brand, including its fleet management, asset tracking and
monitoring, stolen vehicle recovery, and usage-based insurance
platforms. Inseego Corp. also sells business connectivity solutions
and device management services through Novatel Wireless, Inc. and
Feeney Wireless (FW). Inseego Corp. has over 30 years of experience
providing customers with secure and insightful solutions and
analytics, with approximately 633,000 global subscribers, including
189,000 fleet management subscribers. The Company is headquartered
in San Diego, California. www.inseego.com Twitter @inseego
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may constitute
forward-looking statements. These forward-looking statements relate
to a variety of matters, including, without limitation, statements
regarding the timing and likelihood of the consummation of the
proposed Sale and conditions precedent to consummating the proposed
Sale. These forward-looking statements are made on the basis of the
current beliefs, expectations and assumptions of the management of
the Company and are subject to significant risks and uncertainty.
Investors are cautioned not to place undue reliance on any such
forward-looking statements. All such forward-looking statements
speak only as of the date they are made, and the Company undertakes
no obligation to update or revise these statements, whether as a
result of new information, future events or otherwise, except as
may be required by law. These forward-looking statements involve
many risks and uncertainties that may cause actual results to
differ materially from what may be expressed or implied in these
forward-looking statements. For example, there can be no assurance
that a definitive mitigation agreement with CFIUS will be executed.
The consummation of the proposed Sale is subject to a number of
closing conditions, including approval by CFIUS, and the failure to
satisfy any one of these conditions could result in the transaction
not closing. For a further discussion of risks and uncertainties
that could cause actual results to differ from those expressed in
these forward-looking statements, as well as risks relating to the
business of Inseego Corp. in general, see the risk disclosures in
our Annual Report on Form 10-K for the year ended December 31,
2016, and in other subsequent filings made with the SEC by Inseego
Corp. (available at www.sec.gov).
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version on businesswire.com: http://www.businesswire.com/news/home/20170525005243/en/
Inseego Corp.Media Relations Contact:Diana
Hoogbruin, (858) 812-8046diana.hoogbruin@inseego.comorInvestor
Relations Contact:Michael Sklansky, (858)
431-0792michael.sklansky@inseego.com
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