OnLive officially announces asset acquisition, notes that its newly formed company will keep OnLive name
Amid the rumors, sourced reports and statements, it was easy to lose track of the facts surrounding OnLive’s recent restructuring efforts. No surprise then, that the newly formed outfit has issued a press release it hopes will clear things up. First and foremost, the firm reiterates that the streaming game service will continue operating uninterrupted, and that the “newly formed company” that acquired the firm’s assets will continue to do business under the OnLive name. The announcement also mentions the Assignment for the Benefit of Creditors (ABC) process OnLive used to settle its debts, noting that “an affiliate” of Lauder Partners, a technology investment firm, was the new OnLive’s first investor. Finally, the firm laments the necessity of laying off its staff, stating that “neither OnLive, Inc. shares nor OnLive staff could transfer under this type of transaction,” confirming that nearly half of the previous staff had been offered positions at the new company, and optimistically projecting future hires culled from both previous and new employees. The new OnLive calls the asset acquisition “a heartbreaking transition for everyone involved,” but looks optimistically to a future of “transforming the OnLive vision into reality.” Check out OnLive’s full, official word on the matter after the break.
OnLive officially announces asset acquisition, notes that its newly formed company will keep OnLive name originally appeared on Engadget on Sun, 19 Aug 2012 22:45:00 EDT. Please see our terms for use of feeds.
Permalink | | Email this | Comments
Engadget
Related posts:
- Gowalla officially closes its doors three months after acquisition by Facebook
- Perth WordPress Development Company Announces New Product Line Available To The Public
- Nexon Europe announces plans to publish Shadow Company: The Mercenary War – Gamasutra
- Australian WordPress Development Company Announces New Product Range Targeted to Small Business
- Game streaming service OnLive coming to tablets
Short URL: http://techno-magazine.com/?p=22205
Posted by Content from external website (RSS)
on Aug 20 2012. Filed under TOP NEWS.
You can follow any responses to this entry through the RSS 2.0. Post content may be received from external website through web content syndication. You'll find link to source inside this article.
You can leave a response or trackback to this entry
