ORLANDO, Fla.-Triton Network Systems Inc.’s board of directors voted to liquidate the company, including inventory, property and equipment, and distribute the net proceeds to stockholders, Triton announced.
The plan is subject to shareholder approval, but Triton estimates that assets available for distribution will be between 75 cents and 95 cents per share. Triton said a third party has expressed interest in purchasing all of the company’s stock.
In light of the board’s decision, Skip Speaks, president and chief executive officer; Mark Johnson, chief operating officer; Michael Clark, vice president of engineering; and Dan Gulliford, vice president of product development, have resigned effective August 20. Speaks has agreed to remain on the company’s board of directors. Triton’s chief financial officer, Ken Vines, has been appointed CEO.
A special stockholders meeting will be held in early October to vote on the liquidation plan.
Triton supplied local multipoint distribution services network equipment.
Triton to liquidate
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