Arecont Vision, the industry provider of IP-based megapixel camera and video surveillance solutions, announced that it will execute an asset purchase agreement (the ‘Purchase Agreement’) with an affiliate of Turnspire Capital Partners, LLC (‘Turnspire’) under which Turnspire will acquire substantially all of the Company’s assets.
To eliminate the company’s debt, the Company has initiated proceedings under chapter 11 of the United States Bankruptcy Code in the District of Delaware (‘Court’), from which it expects to emerge with a clean balance sheet and fresh capital. The proposed transaction will enable the Company to pursue accelerated development of new, industry-leading video surveillance products and better meet the needs of its customers today and beyond.
