Wegener Corporation (OTC Pink: WGNR), a provider of products for television, audio and data distribution networks worldwide, today announced that the Board of Directors has unanimously approved a Term Sheet for the acquisition of Wegener Corporation by a soon to be announced public company.
Troy Woodbury, President and CEO of Wegener Corporation said “I am very pleased and enthused by the improvements this acquisition provides for Wegener Corporation and its shareholders. This acquisition will provide long term financial stability for Wegener and is providing a near term source of working capital. There are real synergies with the company acquiring Wegener and with another company currently under negotiations to be added to the group.
“We are working on some major projects in Latin America and we believe we will make real progress in the domestic digital signage market during fiscal 2014. We are in the process of coming through a very difficult financial period for Wegener and we are encouraged by the opportunities in the future. This acquisition of Wegener should give renewed confidence to our customers, shareholders, employees, and our creditors. After shareholder approval is received, it is anticipated this acquisition will be completed in or before the first calendar quarter of 2014.”
WEGENER (Wegener Communications, Inc.), a wholly-owned subsidiary of Wegener Corporation (OTC Pink: WGNR), is an international provider of digital video and audio solutions for broadcast television, radio, telco, private and cable networks. With over 30 years experience in optimizing point-to-multipoint multimedia distribution over satellite, fiber, and IP networks, WEGENER offers a comprehensive product line that handles the scheduling, management and delivery of media rich content to multiple devices, including video screens, computers and audio devices. WEGENER focuses on long- and short-term strategies for bandwidth savings, dynamic advertising, live events and affiliate management.
WEGENER’s product line includes: iPump® media servers for file-based and live broadcasts; COMPEL® Network Control and COMPEL® Conditional Access for dynamic command, monitoring and addressing of multi-site video, audio, and data networks; and the Unity® satellite media receivers for live radio and video broadcasts. Applications served include: digital signage, linear and file-based TV distribution, linear and file-based radio distribution, Nielsen rating information, broadcast news distribution, business music distribution, corporate communications, video and audio simulcasts.