TigerLogic - Clarification of MDMS Assets Being Divested to Rocket Software
IRVINE, Calif., Oct. 17, 2013
IRVINE, Calif., Oct. 17, 2013 /PRNewswire/ --As announced on October 16,
2013, TigerLogic Corporation (Nasdaq: TIGR) signed a definitive agreement to
divest its Multidimensional Database Management Systems ("MDMS") business to
Rocket Software, Inc. ("Rocket Software") for gross proceeds of approximately
$22 million in cash. The sale is expected to close within the fourth calendar
quarter of 2013, and is subject to satisfaction of customary closing
To clarify, the MDMSassets being divested include D3, mvBase, mvEnterprise
and the Pick connectivity products.
TigerLogic Corporation (Nasdaq: TIGR) is a global provider of application
development solutions for enterprises that need to launch easy and
cost-effective e-business initiatives. TigerLogic's offerings include
cross-platform and mobile solutions for rapid application development, social
media content aggregation, as well as search enhancement. More information
about TigerLogic and its products can be found at http://www.tigerlogic.com.
This release contains forward-looking statements, including statements about
the closing of the sale of the MDMS business, the anticipated use of proceeds
therefrom and TigerLogic's strategic focus. Any forward-looking statements are
subject to risks and uncertainties, and actual results could differ materially
due to several factors, including but not limited to: TigerLogic's ability to
close and divest its MDMS assets successfully, without management disruption
or other impacts on its ongoing operations, and to deploy the proceeds from
the transaction towards support and growth of its Omnis and Postano platforms;
the success of its research and development efforts; its ability to penetrate
new markets and compete successfully in a highly competitive and rapidly
changing marketplace; technical risks related to such products; the
availability of adequate liquidity; and other risks and uncertainties. Please
consult the various reports and documents filed by TigerLogic with the U.S.
Securities and Exchange Commission, including but not limited to the most
recent reports on Form10-K and Form10-Q, for factors potentially affecting
TigerLogic's future financial results. All forward-looking statements are made
as of the date hereof, and TigerLogic disclaims any responsibility to update
or revise any forward-looking statement provided in this news release.
SOURCE TigerLogic Corporation
Contact: Thomas Lim, Chief Financial Officer, Phone: (949) 442-4400, Fax:
(949) 250-8187, email@example.com
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