Stock Watch: Asset Sale Bolsters Wavo

Wavo Corp. (Nasdaq: WAVO) rose 5/32 to 15/16 Tuesday after the company said it will sell its satellite network division to Cidera Inc. for $14.5 million in cash, stock and debt.

“Through this divestiture, we have been able to leverage the value of our satellite assets, which are not part of our strategic focus for the future, to drive our Internet strategy,” said Wavo Chief Executive Officer David Deeds. The sale, he said, will provide the company with capital to develop its MediaXpress Internet media delivery business.

The Phoenix, Arizona-based company works with providers of news, business data, consumer content and multimedia programming to deliver content management and e-commerce services.

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