EXTON, Pa., Jan. 9 /PRNewswire/ -- Intelligent Electronics, Inc. (NASDAQ:INEL)
today announced it has reached an agreement for $8.6 million that eliminates its $1.8 billion volume purchase commitment liability and resolves all post-closing balance sheet and other purchase price adjustments. As a result, IE will receive from escrow $6.9 million. The agreement resolves all open issues surrounding the purchase of IE's Reseller Network Division by Ingram Micro Inc. (NYSE:IM)
on July 18, 1997.
To replace the prior purchase arrangement, IE and Ingram have entered a new standard primary source agreement with no volume purchase commitments. The two companies continue to have a close strategic relationship. Said Gene Marinelli, Chief Financial Officer of Intelligent Electronics, "The relationship between Ingram and IE is solid and our two organizations continue to work closely together."
Intelligent Electronics specializes in delivering access to tomorrow's technology today through its 80%-owned subsidiary XLConnect (NASDAQ:XLCT)
and its direct sales organization. In this way IE provides information technology products, services, and solutions to a broad spectrum of customers including large companies, governmental agencies, small and home offices, educational institutions and others using technology to create efficiency.
Source: Intelligent Electronics, Inc.
Contact: Gene Marinelli, Chief Financial Officer of Intelligent