Wednesday, April 18, 2007

Mobility Sells PCI Expansion, Docking Line for $4.9M

Power adapter manufacturer Mobility Electronics Inc. has completed its liquidation of nearly all assets from its PCI expansion and docking business, the company announced Wednesday. Mission Technology Group acquired the division's hard assets, while intellectual property rights went to an unnamed third party. Net proceeds for the combined transaction totaled $4.855 million and includes $825,000 in cash, promissory notes totaling $3.93 million, a 15-percent, fully diluted equity interest in Mission Technology Group, and removal of legacy liens on the sold intellectual property rights. Based in Scottsdale, Ariz., Mobility Electronics produces universal power adapters for portable computers and other mobile electronic devices.