—@Road, Inc., a global provider of mobile resource management, has entered into an asset sale and purchase agreement by and between @Road and MobileAria, Inc., a Delaware corporation, pursuant to which @Road will purchase all the assets of MobileAria. Under the terms of the agreement, @Road will pay cash consideration of $11.4 million for the acquired assets and will assume certain liabilities of MobileAria.
Consummation of the sale is subject to court approval and subject to objection by parties in interest. If approved by the court, @Road expects the sale to be consummated by the end of July. 2006. Included among the MobileAria assets to be purchased is a contract to provide mobile resource management services to Verizon Communications.