Following a small flurry of internet traffic discussing the status of Solid State Logic, Pro Sound News confirmed that the company is not in “administration” as was rumored, but the company is for sale by its shareholders. SSL issued the following statement to Pro Sound News:
Following a dispute between stakeholders over development funding, the shareholders of Solid State Logic Holdings Limited have agreed to offer the Company and its Subsidiaries for sale.
The current status, therefore, is that the business is being offered for sale. A number of expressions of interest have been received and the goal is to conclude a sale before 31 March 2005.
Grant Thornton UK LLP have been retained as professional advisers by the shareholders of the Group to assist and advise them on the sale of all the share capital of the Group.
A confidential Information Memorandum is being issued to a restricted number of potential purchasers. This document is otherwise confidential at this time.
Both the quality of our products and their rate of development have never been better. The shareholders have been pleased with new revenues built through diversification and new investment to boost this activity had been under discussion. Existing shareholders may well re-bid for the business under a new financial structure.
The Group continues to trade as normal and benefit from the growing popularity of its new products and expanded markets. The C100 Digital Broadcast Console is showing excellent year-on-year gains, and AWS 900 Analogue Workstation System is the fastest-selling music console ever produced by SSL. SSL’s clients can continue to expect the company’s usual benchmark quality products and support.