Caliber Learning to Sell Substantially All of Its Business Assets
Caliber Learning Network (OTC Bulletin Board: CLBRQ – news) today announced it has asked the U.S. Bankruptcy Court to authorize a sale of substantially all of its assets to Sylvan Learning Systems, Inc. for $750,000 pursuant to an Asset Purchase Agreement dated August 13, 2001. The sale is subject to Bankruptcy Court approval and is further subject to higher and better offers received pursuant to bidding procedures to be set by the Court. If Caliber receives any higher and better offers from qualified parties it has requested that it be allowed to conduct an auction sale of the assets.
“Caliber continues to serve and satisfy clients, but the business will require capital to maintain operations. In the judgment of our Board of Directors, an auction sale now of the operating assets of the business is the best way to preserve and realize the going concern value of the company,” said Glen M. Marder, Caliber’s president and CEO. “The terms provided by Sylvan are fair and a very reasonable way to start the bidding process. We look forward to discussing this opportunity with interested buyers in the eLearning industry and others looking at a strategic investment in online learning production and delivery. Caliber has a proven technology platform and a seasoned group of professionals to provide service.”
About Caliber Learning Network, Inc.
Caliber is a leading provider of eLearning infrastructure for strategic corporate initiatives. Its interactive eLearning is delivered either live or OnDemand directly to individual workstations, anytime, anywhere or through a network of classroom-style learning centers. Caliber enables Global 2000 companies to increase the reach and reduce the cost of traditional training programs. For more information, visit www.caliber.com.
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