SmartDisk Corporation, a provider of portable, network and multimedia storage products and technologies, announced today that its Board of Directors has approved a proposal for the sale of substantially all of its assets to Verbatim Corporation, a wholly owned subsidiary of Mitsubishi Kagaku Media Corporation, contingent upon stockholder approval and other customary conditions.
The transaction will be voted on at a special stockholders meeting scheduled for Tuesday, July 3, 2007. Stockholders of record as of June 5, 2007 are eligible to vote on the proposal. Holders of a majority of SmartDisk's stock have advised the Company that they will vote to approve the transaction and, as such, stockholder approval at the special stockholders meeting is assured.
The Board of Directors has also proposed to amend the Restated Certificate of Incorporation to change the corporate name from SmartDisk Corporation to SMDK Corp. following the completion of the transaction.
Source: SmartDisk
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