SCM Microsystems Receives Final Payment for 2006 Sale of DTV Business
2007-05-22
FREMONT, Calif., May 22, 2007 – SCM Microsystems, Inc. (NASDAQ: SCMM, Prime Standard: SMY), a leading provider of solutions that open the Digital World, today announced that it has reached agreement on a dispute with Kudelski S.A. concerning Kudelski’s final payment for the purchase of SCM Microsystems Digital TV solutions business in May 2006. The Company sold its DTV business to Kudelski for a total consideration of $11 million in cash, of which $9 million was paid at the time of sale. The outstanding payment balance was subject to the achievement of certain development milestones for a product designed by SCM Microsystems, for which Kudelski subsequently assumed development responsibility following its purchase of the DTV business from SCM Microsystems.
Under the agreement, Kudelski has agreed to pay SCM $1.55 million and both parties have agreed to settle their dispute.
About SCM Microsystems
SCM Microsystems is a leading supplier of solutions that open the Digital World by enabling people to conveniently access digital content and services. The company develops, markets and sells the industry’s broadest range of smart card reader technology for secure PC, network and physical access and digital media readers for transfer of digital content to OEM customers in the government, financial, enterprise, consumer electronics and photographic equipment markets worldwide. Global headquarters are in Ismaning, Germany. For additional information, visit the SCM Microsystems web site at www.scmmicro.com.
Contacts:
Stephan Rohaly
Chief Financial Officer
+49 89 9595 5220
srohaly(at)scmmicro.de
Darby Dye
Investor Relations–US
+1 510 249 4883
ddye(at)scmmicro.com