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Comarco Sells Call Box System Business To Case Systems LLC
Lake Forest Orange County-based Comarco, Inc. announced, that it has completed the sale of its call box systems business to Case Systems LLC. Comarco is a leading provider of innovative mobile power solutions through its ChargeSource(R) line. The company makes mobile power products such as adapters that charge notebook computers, cell phones, Black Berry(R) smart-phones, iPODs(R) and many other mobile devices. Comarco is also a provider of wireless test solutions.
Sebastian Gutierrez, the general manager of Comarco’s call box business, is the founder, president and chief executive officer of Case Systems.
Chief Executive of Comarco, Sam Inman said, “The sale of our call box business is an important step in our strategy to extract value from our non-strategic assets and pursue the opportunities offered by our ChargeSource(R) business.” He added, “We are pleased that we were able to execute this transaction in a timely manner. While there are a few transitional items that remain to be completed as part of the sale, we expect that these should be readily accomplished.”
According to the transaction, Comarco will receive approximately $2.7 million in cash, subject to post closing adjustments, in exchange for the assets of the call box business and the assumption of certain related liabilities. Reportedly, Comarco is facing a tough year and with this new buyout the company hopes to set focus on its ChargeSource(R) line.
Comarco has a yearly sales of about $23 million. But, last year Comarco lost half of its revenue after the contract for its ChargeSource products came to an end. The company shares are off about 50 percent in the past 12 months with a market value of about $20 million. Besides, Comarco has also made some changes in its board lineups.
Sam Inman was named interim president and chief executive of Comarco board. He has replaced former leader, Thomas Franza. Winston Hickman became the new chief financial officer. Earlier, the post was held by Daniel Lutz. In addition, the company appointed Jeffrey Hultman, chief executive of Los Angeles Orange County-based IPTV Corp. as its board’s lead director.