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Imation Closes on Memcorp Assets

OAKDALE, Minn. -- Imation Corp. (NYSE:IMN), a worldwide leader in removable data storage, today announced it has completed the previously announced acquisition of the assets of Memcorp, Inc. and Memcorp Asia Limited (together known as "Memcorp") from privately held Hopper Radio of Florida, Inc.

The purchase price was $27.3 million in cash and $37.5 million in three-year notes, plus a potential earn-out of up to $20 million over three years, dependent on financial performance of the purchased business. Imation also expects to invest approximately $15 million in additional working capital after the acquisition closes.

"This is an important acquisition for Imation as we implement our strategy to become a brand and product management company," said Frank Russomanno, president and chief executive officer, Imation Corp. "Bringing the assets of Memcorp into Imation builds on our recent successful acquisition of the Memorex brand and enables us to extend the Memorex brand further into select consumer electronics and accessories."

Imation Corp.