6/4/2007 9:31:51 PM Monday, C-COR Inc. (CCBL) said that it has entered into a definitive agreement with Source Broadband Services LLC, a privately held, Georgia-based provider of fulfillment and technical services to cable operators, under which Source Broadband would acquire C-COR's Outside Plant and Installation Services business for a cash consideration of $7 million.
As per the terms of the agreement, C-COR will transfer certain customer contracts, assets, and contractual obligations as well as certain liabilities related to the Outside Plant and Installation Services business to Source Broadband. Source Broadband expects to offer employment to the majority of the employees of the Outside Plant and Installation Services business. The transaction is expected to be completed within 45 days.
C-COR also said that it will retain its high-end Network Design and Network Integration business which will be combined into a Professional Services group under the company's Broadband System Solutions organization.
The company anticipates operations in 10 states in 2007
On June 4, 2007, Broadband Network Services, Inc. (“BNS”), a wholly owned subsidiary of C-COR Incorporated (the “Registrant”), entered into a definitive purchase agreement (the “Purchase Agreement”) with Source Broadband Services, LLC (“Source”). Pursuant to the Purchase Agreement, BNS will transfer certain customer contracts, assets, and contractual obligations as well as certain liabilities related to C-COR’s Outside Plant and Installation Services business to Source for cash consideration of $7 million. BNS will retain accounts receivable and accounts payable accruing prior to closing that relate to the Outside Plant and Installation Services business. David Levitan, the Chief Executive Officer of Source, served as the President
