News: Clarity OSS to divest assets

Clarity OSS (ASX:CYO) has entered into an agreement to sell most of the its assets to the Australian subsidiary of a U.S. quoted corporation.

Clarity OSS provides operational solutions to the telecom industry.

Completion of the sale is expected to occur no later than within two weeks subject to compliance with certain conditions precedent.

For the last few months, Clarity has been negotiating with several potential purchasers of its assets, which negotiations culminated in an offer by the Buyer that is reflected in the agreement the subject of this announcement.

The commercial terms must remain confidential until the conditions precedent are satisfied at which time a further announcement will be made,

Certain assets relating to certain operations in regions where the buyer does not propose to carry on business are not included in the sale.

After completion of the sale, the directors propose to meet to consider how the company may exploit the remaining assets.

The company is capitalised at just $1.5 million, however holds around $12 million in debt.