ADIC bought Mountaingate and the street liked it. New 52 wk high!
REDMOND, Wash., Sept 20 (Reuters) - Advanced Digital Information Corp. (NASDAQ: ADIC), a provider of hardware and software data storage solutions, said Friday it acquired MountainGate Imaging Systems Corp. in a cash and stock transaction.
Shares of Advanced Digital rose 3-1/8 to close at 34-3/4 on Friday on the Nasdaq stock market.
The company said it paid $200,000 in cash and issued 110,000 shares of its common stock to MountainGate shareholders.
The company said it acquired MountainGate, which provides software that enables file sharing in storage area networks, in an effort to enhance its data management software services.
Advanced Digital said it it also assumed outstanding debt of about $2 million, which was repaid on the closing date.
The acquisition will be accounted for as a purchase, the company said.
The company said it expects to write off $1 million to $3 million of MountainGate's in-process research and development, to be recorded in the current fiscal quarter.
The appraisal of the assets acquired has not been completed, however, and the actual amount of the writeoff will be not be determined until the appraisal is completed.
Site
mountaingate.com
Now mountaingate used to be BRCD country.....
mountaingate.com
Is this one very small real world example of FC realignment?
This is what Mountaingate will talk on at that Nov. FC conference.....
Brad Kline, MountainGate, ?Distributed File Systems for Storage Area Networks? |
