SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 28, 2002
ClearOne Communications, Inc.
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(Exact name of registrant as specified in its charter)
Utah 17219 87-0398877
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
1825 Research Way
Salt Lake City, Utah 84119
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(Address of principal executive offices)
(801) 975-7200
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(Registrant's telephone number, including area code)
Item 9. Regulation FD Disclosure.
ClearOne Communications, Inc. ("Clearone") has announced on August 27, 2002 that
it acquired OMVideo Inc., an audiovisual integration firm headquartered in
Ottawa, Canada. The press release relating to the OMVideo acquisition is
attached below as Exhibit 99.1.
On August 27, 2002, ClearOne has also announced that it has sold its broadcast
telephone interface product line to Comrex Corp., a privately-held broadcast
equipment provider located in Devens, Massachusetts. The press release relating
to the sale of the broadcast telephone interface product line is attached below
as Exhibit 99.2.
To the extent any statement contained in this report relates to information that
is not historical, such statement is necessarily forward-looking and made
pursuant to the safe harbor provisions of the Securities Litigation Reform Act
of 1995. As such, it is subject to the occurrence of many events outside
ClearOne's control that could cause ClearOne's results to differ materially from
those anticipated. Please see the risk factors contained in ClearOne's most
recent SEC filings, including the annual report on Form 10-K, the quarterly
report on Form 10-Q, and the registration statement on Form S-4 filed on
February 6, 2002.
Exhibit No.
99.1 Press release dated August 27, 2002 relating to the acquisition of OMVideo
by ClearOne.
99.2 Press release dated August 27, 2002 relating to the sale of broadcast
product line by ClearOne.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: August 28, 2002 CLEARONE COMMUNICATIONS, INC.
By: /s/ RANDALL J. WICHINSKI
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Randall J. Wichinski
Chief Financial Officer
FOR IMMEDIATE RELEASE
CONTACT: Bryce Benson, Investor/Media Relations
ClearOne Communications Inc.
Phone: 1.801.974.3786, 1.800.945.7730
Fax: 1.801.977.0087
E-mail: bryce.benson@clearone.com
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ClearOne Strengthens Business Services Offerings
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With Acquisition of OMVideo
SALT LAKE CITY, August 27, 2002--ClearOne Communications Inc. (Nasdaq: CLRO) has
acquired OMVideo Inc., an audiovisual integration firm headquartered in Ottawa,
Canada, for approximately $8 million in cash.
The OMVideo acquisition complements ClearOne's focus on providing a total
multimedia collaboration solution by strengthening the company's business
services division with a greater North American presence and an expanded
technical team to better support its channel partners and customers.
"OMVideo is a financially strong business services company with a 21-year
operating history and an excellent track record of profitable growth while
helping customers realize a return on their investment in audiovisual and
conferencing technology through comprehensive service and support," said Frances
Flood, president and chief executive officer of ClearOne.
"We believe this acquisition will be especially beneficial to our Canadian
channel partners," continued Flood. "Specifically, we can extend their reach
throughout Canada; expand their staff--without the associated capital
expenses--by serving as an outsourced extension to their existing team; and
augment their solution set with products and services, including audio, video
and web conferencing, end-user training and help desk operations," said Flood.
"We are very excited to become part of the ClearOne team," said Jim Stechyson,
president of OMVideo. "This acquisition brings together complementary strengths
and best practices that will increase the depth of service we can offer to our
customers and the rate at which we build out those services across Canada."
Stechyson has been president of OMVideo for 12 years and will continue as
president of OMVideo and ClearOne Canada. OMVideo will be a wholly owned
subsidiary of ClearOne, and will operate under the OMVideo name for
approximately one year, after which it will assume the ClearOne name.
- more -
In a separate press release today, ClearOne announced the sale of its Broadcast
Telephone Interface product line to Comrex Corp., a privately held broadcast
equipment provider. In mid-September, ClearOne will hold a conference call to
discuss the strategy behind these transactions and other current initiatives.
ClearOne Communications is a provider of multimedia conferencing products and
services that bring geographically dispersed people together--compressing time
and distance. Product offerings include audio and video conferencing systems,
peripherals and furniture. Service offerings include a full suite of audio,
video and data conferencing services, and business services such as training,
field support, help desk, and system consulting. Additional information is
available at www.clearone.com.
Established in 1981, OMVideo is the largest audiovisual systems integrator in
Canada's National Capital region, which covers eastern Ontario and western
Quebec. OMVideo specializes in the design, sale, integration and
post-integration service and support of audiovisual systems to government,
education, and corporate customers.
To the extent any statement presented herein deals with information that is not
historical, such statement is necessarily forward-looking and made pursuant to
the safe harbor provisions of the Securities Litigation Reform Act of 1995. As
such, it is subject to the occurrence of many events outside ClearOne's control
that could cause ClearOne's results to differ materially from those anticipated.
Please see the risk factors contained in ClearOne's most recent SEC filings,
including the annual report on Form 10-K, the quarterly report on Form 10-Q, and
the registration statement on Form S-4 filed on February 6, 2002.
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FOR IMMEDIATE RELEASE
CONTACT: Bryce Benson, Investor/Media Relations
ClearOne Communications Inc.
Phone: 1.801.974.3786, 1.800.945.7730
Fax: 1.801.977.0087
E-mail: bryce.benson@clearone.com
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ClearOne Streamlines Conferencing Focus With Sale of Broadcast Product Line
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SALT LAKE CITY, August 27, 2002--ClearOne Communications Inc. (Nasdaq: CLRO) has
sold its Broadcast Telephone Interface product line to Comrex Corp., a privately
held broadcast equipment provider located in Devens, Mass. Financial terms of
the transaction were not disclosed.
This sale streamlines ClearOne's focus on the conferencing market by eliminating
the non-core broadcast product line and enabling the re-allocation of key human
and capital resources to its conferencing products business.
Comrex purchased ClearOne's digital hybrid products, which include the DH20,
DH22 and DH30. Comrex will provide technical support for all sale-related
products and will assume all manufacturing, marketing and selling of the digital
hybrid line. ClearOne will continue to manufacture the TS-612 product line
exclusively for distribution by Comrex over the next 12 months, after which it
will be discontinued.
In a separate press release today, ClearOne announced the acquisition of
OMVideo, a Canadian business services company. In mid-September, ClearOne will
hold a conference call to discuss the strategy behind these transactions and
other current initiatives.
ClearOne Communications is a provider of multimedia conferencing products and
services that bring geographically dispersed people together--compressing time
and distance. Product offerings include audio and video conferencing systems,
peripherals and furniture. Service offerings include a full suite of audio,
video and data conferencing services, and business services such as training,
field support, help desk, and system consulting. Additional information is
available at www.clearone.com.
To the extent any statement presented herein deals with information that is not
historical, such statement is necessarily forward-looking and made pursuant to
the safe harbor provisions of the Securities Litigation Reform Act of 1995. As
such, it is subject to the occurrence of many events outside ClearOne's control
that could cause ClearOne's results to differ materially from those anticipated.
Please see the risk factors contained in ClearOne's most recent SEC filings,
including the annual report on Form 10-K, the quarterly report on Form 10-Q, and
the registration statement on Form S-4 filed on February 6, 2002.
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