Impeva Labs Files Chapter 11 to Consummate Sale of Assets to ARINC

MOUNTAIN VIEW, Calif. and ANNAPOLIS, Md., April 5 /PRNewswire/ -- Impeva Labs, Inc., an advanced global tracking and RFID services company, is now postured for near-term acquisition through open bid under Chapter 11 (Case No. 10-53056-ASW-11). On April 1st, the bankruptcy court approved on an interim basis Debtor-in-Possession financing from ARINC Engineering Services, LLC to support normal operations, product development and device production through sale closing (upon final approval, Impeva will be authorized to borrow up to $1.2 million). The court also approved certain bid procedures with respect to the submission of competitive bids.

Randall Shepard, recently appointed CEO of Impeva, stated, "We are grateful for ARINC's support in these difficult times. Our primary goals through this bid process are to sustain normal operations, complete critical development, fulfill our back orders for devices, and return as much value as possible to our creditors and investors."

Since incorporating in December 2004, Impeva has invested over $22 million to develop its technologies, devices, and global services infrastructure. Under the court-approved bid procedures, ARINC has been approved as the stalking-horse with its offer to acquire the intellectual property and other assets of Impeva Labs for $2 million cash plus $818,923 in assumed liabilities.

To participate in the May 4th auction in San Jose, CA, interested parties must pre-qualify and submit their bid pursuant to the bid procedures no later than April 28th. To receive bid information and due diligence material, email:  [email protected].

Also indicate if you are interested in attending a non-proprietary overview of Impeva Labs via webcast on Thursday, April 8th at noon PDT.

Impeva Labs, Inc. provides continuous global asset and item-level visibility (tracking, monitoring and security) using redundant global communications, advanced mesh networking and a myriad of sensors. Impeva's smarter devices contain thousands of business rules to limit operating costs through exception-only reporting. Business rules, M2M controls, and even firmware can be reliably changed via secure remote uplink. For more information, visit www.impeva.com.

ARINC Incorporated, a portfolio company of The Carlyle Group, provides communications, engineering and integration solutions for commercial, defense and government customers worldwide. Headquartered in Annapolis, Maryland with regional headquarters in London and Singapore, ARINC is ISO 9001:2000 certified. For more information, visit the web site at www.arinc.com.

SOURCE Impeva Labs, Inc.