The board of directors for Determine Inc. in Carmel has announced plans to begin the winding up, liquidation and dissolution of the company. The announcement comes a week after the majority of Determine’s assets were acquired by New Jersey-based Corcentric Inc. in a $32 million deal.
The board says it will distribute the net cash proceeds from the sale to its stockholders as soon as possible. The company adds a "significant amount" of the proceeds from the Corcentric deal were used to repay debt obligations and expenses related to the acquisition.
"The Board’s decision was based on a number of factors, including the significant cost savings to be obtained by ceasing to file periodic reports with the Securities and Exchange Commission and reductions in accounting, audit, legal and other costs which would enable the Company to maximize the amount of net cash proceeds available for distribution to its stockholder," the company said in a news release.
The company says, in connection with the latest move, all directors have resigned from the board, which the exception of Michael Casey, who is continuing as the sole and independent director. Additionally, John Nolan will remain as the sole remaining officer in order to over see the winding down and liquidation of the company, serving as president, secretary and treasurer of the company.
The board also also approved plans for the company to de-register with the U.S. Securities and Exchange Commission.