OTTAWA, July 11, 2017 /CNW/ - Magor Corporation
("Magor" or the "Company") today announced that it has closed the
transaction that involved the sale of its wholly-owned subsidiary,
Magor Communications Corp. ("MCC") to N. Harris Computer
Corporation ("Harris") for cash consideration to be paid out over a
period of eighteen months. Harris intends to continue the
operations of MCC from its Ottawa
location. This transaction was approved by the Ontario Superior
Court of Justice on June 22, 2017 as
contemplated under the proposals filed by Magor and MCC and
approved by Magor's and MCC's creditors under the Bankruptcy and
Insolvency Act pertaining to sale of MCC as per the Share
Purchase and Investment Agreement dated April 26, 2017, as amended, between Magor, MCC
and Harris. Subsequent to closing this transaction, Magor will no
longer have any operations.
About Harris
Since 1976, Harris has focused on
providing feature-rich and robust turnkey solutions to Public
Sector, Schools, Utility, and Health Care agencies throughout
North America. Harris' focus is on
creating long-term relationships with its customers and ensuring
that it meets the changing needs of its customers over time.
Further information about Harris may be obtained from its website
at www.harriscomputer.com.
About Magor Corporation:
Magor had developed and
marketed visual collaboration software addressing the needs of
meeting rooms, desktops and mobility devices, as part of a cloud
service offering called Aerus. Magor's Aerus service delivery
platform removes the limitations of traditional video conferencing
and collaboration tools to provide entirely new ways of interacting
with video with the goal of creating new ways to be productive.
SOURCE Magor Corporation
