Seanix Buys A&B Sound

Creditors of A&B Sound voted last month to approve a purchase of A&B Sound by Seanix Technology, a Richmond, BC-based manufacturer of computer products.

In a meeting of general creditors held in Vancouver, creditors rejected an offer by Sun Capital Group, Inc. (Sun Capital), a leading private investment firm focused on investments in market leading companies. Creditors instead voted in favour of a purchase of A&B Sound by Seanix.

Seanix has committed to offer continued employment to A&B Sound’s 800 staff, and to enter into lease agreements on all 21 Western Canadian locations.

A&B Sound received creditor protection under the Companies’ Creditors Arrangement Act (CCAA) on January 19. Based on the Creditors’ meeting, the Company expected to close the purchase transaction with Seanix on March 2, 2005 and emerge from CCAA protection shortly thereafter.