Iomega Corp. (IOM) said that it had entered into a share purchase agreement with ExcelStor Great Wall Technology Limited, a Cayman Islands company , Shenzhen ExcelStor Technology Limited, a PRC company, Great Wall Technology Company Limited, a People's Republic of China company , ExcelStor Group Limited, a Cayman Islands company , and ExcelStor Holdings Limited, a British Virgin Islands company , on December 12, 2007.
Iomega said that it has terminated the Purchase Agreement, effective on April 8, 2008. In accordance with the terms of the Purchase Agreement, Iomega has paid the Selling Shareholders a termination fee of $7.5 million.
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