OAKDALE, Minn., Dec. 1, 2017 /PRNewswire/ -- GlassBridge Enterprises, Inc. (OTCQX: GLAE) ("GlassBridge", the "Company" or "we") today announced the completion of the sale of all rights, title and interest in and to the IMATION® trademark to O-Jin Corporation, a company organized under the laws of South Korea ("O-Jin"). O-Jin now holds the sole and exclusive worldwide rights to the IMATION® trademark.
The transfer GlassBridge's sole and exclusive worldwide rights in the IMATION® trademark occurred upon O-Jin's initial cash payment on August 4, 2017. The terms of the sale provided that O-Jin could either make two future cash payments in 2018 and 2019 or exercise a right to pay in full in 2017 for a discount. On December 1, 2017, after providing notice to GlassBridge, O-Jin exercised its early payment option.
About GlassBridge Enterprises
GlassBridge Enterprises, Inc. (OTCQX: GLAE) is a holding company. We actively explore a diverse range of new, strategic asset management business opportunities for our portfolio. The Company's wholly-owned subsidiary, GlassBridge Asset Management, LLC ("GBAM"), is an investment advisor focused on technology-driven and quantitative strategies and other alternative investment strategies. Our partially-owned subsidiary NXSN Acquisition Corp. operates a global enterprise data storage business through its subsidiaries. For more information, please visit GlassBridge's website at www.glassbridge.com.
This press release does not constitute an offer to sell or a solicitation to buy any securities or otherwise invest in any investment vehicle managed, advised or coordinated by GBAM (collectively, the "GlassBridge Vehicle"), and may not be relied upon in connection with any investment or offer or sale of securities. Any such offer or solicitation may only be made pursuant to the current Confidential Private Offering Memorandum (or similar document) for any such GlassBridge Vehicle, which is provided only to qualified offerees and which should be carefully reviewed prior to investing. GBAM is a newly formed entity and the GlassBridge Vehicles are currently either in formation state or have recently launched. GBAM is not currently registered with the SEC as an investment adviser under the U.S. Investment Advisers Act of 1940, as amended, or under similar state laws, and nothing in this press release constitutes investment advice with respect to securities.
For Further Information
Stockholders of GlassBridge Enterprises, Inc. – Danny Zheng, Interim CEO, Chief Financial Officer, (651) 704-4311; Prospective Investors in GlassBridge Vehicles – Robert Picard, Senior Managing Director, (732) 939-9000.
SOURCE GlassBridge Enterprises, Inc.