Monetizing this asset is yet another example of our determination to maximize shareholder value. The transaction is expected to close in October after which we have negotiated 12-months to transition out of this building at low cost two year fund. As we look for new location in the Bay area, our precedence will be to be to win a similarly sized facility around the fall of 2013. The Board and management recognize the impact of future EPS caused by ranking versus owning our headquarters and we consider alternative such as the share buyback program to offset the impact. And it goes without saying that our Board will continue to discuss and evaluate the alternatives for the company to utilize what will be even a healthier cash balance for the breadth, long term outcome for our shareholders.
Before I talk with you about each of our businesses, I did want to highlight our successful Drupa show which clearly demonstrated the industry bias towards the tax players that are leading the analog to digital transformation. Our new products and the excitement and attention they generated reinforce EFI’s leadership in this transformation.
Not that while the reception to those products was very positive and the pipeline coming out of the show was at record levels for both Industrial Inkjet and Productivity Software, the economic headwinds slowed down the conversion of this interest into closed deals. Even though our Ink volume proved the demands for digitally printed product remains solid, concern about the economy especially in Europe, are leaving many potential equipment buyers on the sideline. The strength of our product line and the robust pattern of use allowed both our Inkjet and software businesses to outperform despite the economy. But we do see it as a factor in our third quarter outlook which I will discuss shortly.
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