Business Services Industry
Encore Computer Corp. Announces Set Off to Sun Deal
Business Wire, July 1, 1998
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--July 1, 1998--Encore Computer Corp. (OTC BB:ENCC) announced that Sun Microsystems set off a total of $10.1 million against the $35 million portion of the purchase price for Encore's storage products business which was payable Wednesday.
The set off is based upon Sun's estimate of certain claims for indemnification under the Asset Purchase Agreement between Encore and Sun dated as of July 17, 1997. Encore is contesting substantially all of the set off amount and is in the process of analyzing each of the contested claims.
Encore Computer Corp., a worldwide company headquartered in Fort Lauderdale is the world's leading innovator in scalable real-time data systems and advanced clustering technologies. For more information on Encore, access the World Wide Web at http://www.encore.com.
CONTACT: Encore Computer Corp., Fort Lauderdale
Charles S. Anderson, 954/316-4401
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