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Aether Holdings buys out UCC Capital
12 Jun '06
3 min read
Aether Holdings Inc announced that it has acquired UCC Capital Corp (“UCC”), an industry leader in providing strategic advice and structured finance solutions to intellectual property (“IP”) centric companies.
This acquisition, which was completed yesterday, will provide Aether with an IP centric company acquisition platform. Robert W. D'Loren, formerly UCC's President and CEO, has been named the new Chief Executive Officer of Aether and has been appointed to the Board of Directors. David Oros will continue as Chairman.
Under the terms of the transaction, Aether acquired all of the outstanding equity of UCC Capital and several affiliated companies for 2.5 million shares of Aether common stock. Aether also agreed to pay up to an additional 2.5 million shares, and up to $10 million in cash, if the new business achieves specified financial targets and the price of Aether's common stock exceeds specified levels within five years.
In addition, Mr. D'Loren has entered into a long-term employment arrangement with Aether that includes a combination of cash and equity bonus opportunities and a package of stock options and warrants.
Aether also said that it will continue operating its existing mortgage-backed securities (“MBS”) business. It will make a decision about the future of that business based upon a further assessment of the outlook for MBS market conditions and the progress of its new IP strategy. The UCC acquisition will not require the Company to sell any of its existing MBS investments.
This acquisition, which was completed yesterday, will provide Aether with an IP centric company acquisition platform. Robert W. D'Loren, formerly UCC's President and CEO, has been named the new Chief Executive Officer of Aether and has been appointed to the Board of Directors. David Oros will continue as Chairman.
Under the terms of the transaction, Aether acquired all of the outstanding equity of UCC Capital and several affiliated companies for 2.5 million shares of Aether common stock. Aether also agreed to pay up to an additional 2.5 million shares, and up to $10 million in cash, if the new business achieves specified financial targets and the price of Aether's common stock exceeds specified levels within five years.
In addition, Mr. D'Loren has entered into a long-term employment arrangement with Aether that includes a combination of cash and equity bonus opportunities and a package of stock options and warrants.
Aether also said that it will continue operating its existing mortgage-backed securities (“MBS”) business. It will make a decision about the future of that business based upon a further assessment of the outlook for MBS market conditions and the progress of its new IP strategy. The UCC acquisition will not require the Company to sell any of its existing MBS investments.
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