Thursday, December 21, 2006 10:34:14 AM
Good Morning All.....TUTS...
Dec 21, 2006 8:42:31 AM
NEW YORK, WORLDTRADESTOCKS.COM, Dec 21, 2006 (M2 PRESSWIRE via COMTEX News Network) --
Thursday, Motorola, Inc. (NYSE:MOT) revealed that it has signed a definitive deal with Tut Systems, Inc. (NASDAQ:TUTS), whereby it would acquire all of the outstanding shares of Tut Systems common stock for $1.15 per share in cash. The company noted that the transaction has a total equity value of about $39 million on a fully-diluted basis.
According to the company "This transaction brings together the telco-aware IPTV processing capabilities of Tut Systems with Motorola's proven video delivery expertise. Together, our combined portfolio will provide service providers with next-generation solutions for delivering rich video experiences into the connected home - and out into the world," said Dan Moloney, President, Motorola Connected Home Solutions. ""We look forward to adding the great people, technology and video expertise of Tut Systems to the Motorola Connected Home Solutions team."
Sal D'Auria President and CEO of Tut Systems stated "Today is an exciting day for Tut Systems. Our stockholders will be able to receive value for their investment, while our employees, customers and strategic partners will benefit as we join together with Motorola, an established, global leader in architecting and deploying digital and IP video networks," he also noted that, "Motorola's financial resources and customer relationships will enable us to address larger customer opportunities that were challenging as a smaller company. My team is committed to working closely with Motorola to ensure a rapid and seamless transition."
Tut Systems will become a wholly-owned subsidiary of Motorola and will be integrated into the Motorola Connected Home Solutions business at the close of the transaction. Motorola intends to maintain Tut Systems' operations in Lake Oswego, Oregon, San Diego California and Pleasanton California.
The transaction is subject to customary closing conditions, including regulatory approvals and the approval of Tut Systems' stockholders, and is expected to be completed in the first quarter of 2007.
About Tut Systems, Inc.
Tut Systems, Inc. delivers advanced content processing and distribution products as well as comprehensive system integration services for deploying next-generation data and video services over broadband networks. Service providers, content providers and government agencies worldwide use Tut Systems solutions to deliver broadcast-quality video over broadband networks.
Tut Systems is headquartered in Lake Oswego, OR. For more information, visit www.tutsys.com or call (971) 217-0400.
Dec 21, 2006 8:42:31 AM
NEW YORK, WORLDTRADESTOCKS.COM, Dec 21, 2006 (M2 PRESSWIRE via COMTEX News Network) --
Thursday, Motorola, Inc. (NYSE:MOT) revealed that it has signed a definitive deal with Tut Systems, Inc. (NASDAQ:TUTS), whereby it would acquire all of the outstanding shares of Tut Systems common stock for $1.15 per share in cash. The company noted that the transaction has a total equity value of about $39 million on a fully-diluted basis.
According to the company "This transaction brings together the telco-aware IPTV processing capabilities of Tut Systems with Motorola's proven video delivery expertise. Together, our combined portfolio will provide service providers with next-generation solutions for delivering rich video experiences into the connected home - and out into the world," said Dan Moloney, President, Motorola Connected Home Solutions. ""We look forward to adding the great people, technology and video expertise of Tut Systems to the Motorola Connected Home Solutions team."
Sal D'Auria President and CEO of Tut Systems stated "Today is an exciting day for Tut Systems. Our stockholders will be able to receive value for their investment, while our employees, customers and strategic partners will benefit as we join together with Motorola, an established, global leader in architecting and deploying digital and IP video networks," he also noted that, "Motorola's financial resources and customer relationships will enable us to address larger customer opportunities that were challenging as a smaller company. My team is committed to working closely with Motorola to ensure a rapid and seamless transition."
Tut Systems will become a wholly-owned subsidiary of Motorola and will be integrated into the Motorola Connected Home Solutions business at the close of the transaction. Motorola intends to maintain Tut Systems' operations in Lake Oswego, Oregon, San Diego California and Pleasanton California.
The transaction is subject to customary closing conditions, including regulatory approvals and the approval of Tut Systems' stockholders, and is expected to be completed in the first quarter of 2007.
About Tut Systems, Inc.
Tut Systems, Inc. delivers advanced content processing and distribution products as well as comprehensive system integration services for deploying next-generation data and video services over broadband networks. Service providers, content providers and government agencies worldwide use Tut Systems solutions to deliver broadcast-quality video over broadband networks.
Tut Systems is headquartered in Lake Oswego, OR. For more information, visit www.tutsys.com or call (971) 217-0400.
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