Inseego Announces Sale of Ctrack South Africa Operations
“The sale of our South African Ctrack operations is part of Inseego’s strategy to focus solely on target markets that are closely aligned with the growth of our 5G business,” said
“The geographical alignment of all our business units is one of the final steps in the remaking of
The transaction is subject to receipt of regulatory approvals and other closing conditions and is expected to close during the second quarter of 2021. The initial purchase price is subject to various working capital and other customary adjustments.
Cautionary Note Regarding Forward-Looking Statements
Some of the information presented in this news release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements often address expected future business and financial performance and often contain words such as “may,” “estimate,” “anticipate,” “believe,” “expect,” “intend,” “plan,” “project,” “will” and similar words and phrases indicating future results. The information presented in this news release related to the Share Purchase Agreement, our future business outlook, as well as other statements that are not purely statements of historical fact, are forward-looking in nature. These forward-looking statements are made on the basis of management’s current expectations, assumptions, estimates and projections and are subject to significant risks and uncertainties that could cause actual results to differ materially from those anticipated in such forward-looking statements. We therefore cannot guarantee future results, performance or achievements. Actual results could differ materially from our expectations. Factors that could cause actual results to differ materially from the Company’s expectations include: (1) dependence on third-parties with respect to closing conditions; (2) regulatory approvals; (3) the impact of fluctuations of foreign currency exchange rates; (4) the Buyer’s ability to complete its financing; and (14) changes in the Company’s business and results of operations.