Sunhawk Cancels Proposed Acquisition of Logos
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Sunhawk.com Corporation, a provider of Digital Asset Management Solutions, announced that the Company has cancelled its proposed acquisition of Logos Research Systems, Inc.
Seattle-based Sunhawk has opted out of its pending acquistion of the e-publisher and creator of digital libraries, under the current letter of intent, initially signed last November.
While the initial letter of intent for the issuance on $25 million in common stocks has fallen through, Senior executives of both Companies reiterated their commitment to determine whether or not terms for a future acquisition can be agreed upon.
"We initiated our talks with Logos just as our company was deploying our Digital Asset Management services and completing the acquisition of CCS," says Marlin Eller, CEO and President of Sunhawk.com. "If an acquisition can be completed we want the value to be reflective of what we are acquiring and to be able to achieve our goal of integrating Logos' technologies and services in the most efficient way and to provide the highest value to our shareholders and customers."
Bob Pritchett, President of Logos agrees. "The original deal is no longer right for both of our companies, but we remain committed to exploring a partnership," says Pritchett.