EMB to Divest Units to Focus on Land
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EMB Corp., the Costa Mesa-based video-conferencing company, said Thursday it plans to sell its mortgage and real estate units to Irvine-based e-Net Financial Corp. for nearly $14 million in cash and stock.
E-Net agreed to pay $4 million in cash and 7.5 million shares, valued about $9.8 million, based on the e-Net’s average stock price over the past two months.
By selling certain assets--including American Residential Funding Inc., Residential Mortgage Corp. and Bravo Real Estate--EMB said it hopes to focus on developing the water and mineral rights of land it owns in Northern California.
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