Arecont Vision, the global provider of IP-based megapixel camera and video surveillance solutions, announced that it has executed 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. As previously announced, the Company has initiated proceedings under chapter 11 of the United States Bankruptcy Code in the District of Delaware (“Court”) to facilitate the Purchase Agreement and substantially reduce its debt.
Key Elements of the Purchase Agreement:
