Today, they have a family of leading-edge products developed for the terrestrial, satellite, and cable broadcast markets, with solutions that include transport stream multiplexing, IP multicasting and unicasting, as well as broadcast record and playback products. Logic Innovations serves an international customer base with primary focus in the U.S. with marquee clients that include ABC, NBC, FOX, DirecTV and the Associated Press. Logic Innovations products are present in most major satellite service provider teleports around the world. Their products are also installed in the majority of ATSC digital transmission systems that have replaced much of the legacy NTSC analog television broadcast systems in North America.
The maximum aggregate purchase price for the acquired assets is US$600,000, payable in cash, of which US$250,000 was paid on closing and US$300,000 was placed in escrow. Payment of the remaining portion of the purchase price and release of the escrow has been deferred for 12 to approximately 17 months and is subject to customary post-closing adjustments, including an earn-out on a small portion of the balance. The acquired assets, in addition to product line technologies and intellectual property, include approximately US$350,000 in inventory.