Magor Corporation Completes Sale Agreement for the Sale of its Operations
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 f 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.
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
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