Another turd gone,
Press Release
SOURCE: Digital Lava, Inc.
Digital Lava Enters Agreement for Sale of Assets to Interactive Video Technologies -- Board Adopts Plan of Dissolution
MARINA DEL REY, Calif. & NEW YORK--(BUSINESS WIRE)--Sept. 20, 2001--Digital Lava, Inc. (Nasdaq:DGLV - news), a provider of rich mixed media software products and services for use in corporate training, communications and sales and marketing applications, today announced that its Board of Directors has adopted a Plan of Liquidation and Dissolution, for the purpose of returning the company's remaining capital to stockholders. In furtherance of such Plan, Digital Lava has entered into a definitive agreement to sell substantially all of its assets to Interactive Video Technologies, Inc. (``IVT''), a privately held firm in the rich media software industry for $700,000 in cash. IVT will also assume certain liabilities of the Company including accounts payable, expenses incurred in the ordinary course of business and certain severance obligations to employees. |
