TorreyPoint acquisition is underway. The following email was sent out by Min Cho yesterday. They are saying Min Cho will be pocketing $2.5m in this deal.
From: Min Cho [mailto:firstname.lastname@example.org]
Sent: Thursday, January 26, 2012 2:05 PM
To: Nova Staff
Subject: Torrey Point Acquisition
Nova Datacom Team,
As many of you know, discussions have been underway with executives at Torrey Point over the last several weeks regarding a potential Torrey Point acquisition of Nova Datacom's assets and contracts. I am pleased to announce that as of this week we have reached such an agreement in which Torrey Point will expand their East Coast operations while at the same time ensuring the continued employment of as many Nova Datacom employees as possible.
In the coming weeks, the agreements will enter into the final stages and legal documentation will be fully drafted. At that point a full transition will take place and you will start to meet some of your new executive team. Additional efforts to realign the brand name with Torrey Point will take place.
During the acquisition discussions, we did our best to ensure that as many people as possible would be unaffected by this decision, however there will be a small Reduction in Force of all non-essential personnel and those whom are deemed not to align with Torrey Point's vision for their expansion of their East Coast operations.
As for myself, it is with deep regret that I announce that I will be stepping down as your CEO effective immediately, in order to pursue other ventures and to spend more time with family. As I will be stepping aside, it is with grade pride that I announce that Joe Kim will be heading up the entire East Coast engineering operations for Torrey Point. I wish him the best in his new role and I'm sure he will be a great leader and visionary in the months and years ahead.
I want to thank all of you for your continued perseverance and support during the last few months. I know it has been difficult amidst all the controversy, but we wouldn't have been able to make it to this point without all your patience, diligence, and hard work. Since we started this company over 4 years ago, all of you have tirelessly and selflessly contributed to help realize our combined vision of Nova Datacom.
It is with the warmest personal regard and unending support that I bid you all the best in future endeavors, and I certainly hope we have the opportunity to cross paths again in the future. I know you all will continue to work just as hard at making Torrey Point one of the best IT firms on the East Coast.
Chief Executive Officer