Got an e-mail from The Evening Bridge, tonight.....
EchoStar Settles With CalAmp
TOP STORY -- Satellite equipment maker CalAmp and EchoStar today announced a settlement of the dispute that began with faulty circuit boards in some of CalAmp's satellite dish components. EchoStar had previously been returning products to CalAmp and had put all new orders on hold after discovering problems with the laminate material on CalAmp's printed circuit boards. Under terms of the settlement, CalAmp will give the satcaster a $5 million promissory note along with 1 million shares of its stock and a three-year warrant to buy up 350,000 more shares at a set price of $3.72 each. In return, EchoStar said it will pay $1.3 million of the $2.3 million in outstanding accounts receivable it owes to CalAmp, with the remaining $1 million being canceled as part of the settlement.
Copyright © 2007 Media Business Corp (MBC). Reproduction in whole or in part in any form or medium without express written permission of MBC is prohibited. MBC and MBC logo are trademarks of Media Business Corp. The Evening BRIDGE is wholly owned and operated by MBC. All rights reserved.
165 South Union Boulevard, Suite #280 - Lakewood - CO 80228 • tel. 303-271-9960 • fax 303-271-9965
EchoStar Settles With CalAmp
TOP STORY -- Satellite equipment maker CalAmp and EchoStar today announced a settlement of the dispute that began with faulty circuit boards in some of CalAmp's satellite dish components. EchoStar had previously been returning products to CalAmp and had put all new orders on hold after discovering problems with the laminate material on CalAmp's printed circuit boards. Under terms of the settlement, CalAmp will give the satcaster a $5 million promissory note along with 1 million shares of its stock and a three-year warrant to buy up 350,000 more shares at a set price of $3.72 each. In return, EchoStar said it will pay $1.3 million of the $2.3 million in outstanding accounts receivable it owes to CalAmp, with the remaining $1 million being canceled as part of the settlement.
Copyright © 2007 Media Business Corp (MBC). Reproduction in whole or in part in any form or medium without express written permission of MBC is prohibited. MBC and MBC logo are trademarks of Media Business Corp. The Evening BRIDGE is wholly owned and operated by MBC. All rights reserved.
165 South Union Boulevard, Suite #280 - Lakewood - CO 80228 • tel. 303-271-9960 • fax 303-271-9965