Arecont Vision, the provider of IP-based megapixel camera and video surveillance solutions, announced that the acquisition by Costar Technologies, Inc. (OTC markets Group: CSTI) of its assets has been approved by the bankruptcy court (“Court”). It is anticipated that the sale will close on July 13, 2018. As previously announced, Arecont Vision initiated proceedings under chapter 11 of the United States Bankruptcy Code in the District of Delaware in May, 2018 and has achieved its goal of moving through this process quickly.
After the closing of the sale, upon emergence the assets formerly operated by Arecont Vision will begin operating as Arecont Vision Costar, LLC and be part of Costar, a US corporation that designs, develops, manufactures, and distributes a full range of proven products for the video surveillance and machine vision markets.
