Ezenia! Inc. has purchased 100 percent of equity interests in Windjammer Holdings, Inc. from Windjammer Communications Holdings LLC and BenMark Investments LLC, the company said.
The proceeds of the transaction were primarily used to pay transaction related-expenses and to repay all but approximately USD234,000 of the company´s outstanding indebtedness under its senior secured term loan. The company emerged from bankruptcy in July 2015 with approximately USD2.0 million of outstanding indebtedness under this facility. Following the transaction, the company has approximately USD120,000 in cash on its balance sheet net of accrued expenses.
Windjammer Communications is a telecommunications company that receives revenue from its ownership of a cable television system located in Virginia. In 2014 and 2015, the gross amount of revenue received by Windjammer Communications from this system was approximately USD360,000 per year. The company intends to use this revenue going forward to service its remaining debt and fund the company´s operating expenses while it continues to explore additional strategic transactions.
In addition to the consummation of the Windjammer transaction, the company also today announced the renewal of certain of the InfoWork Space contracts with the Air Force held by its subsidiary, Talarc Technologies LLC.
Ezenia! Inc. operates through its subsidiaries, Talarc Technologies LLC and Windjammer Holdings, Inc.