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Deal on selling off Core Systems closed
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Implant Sciences
: 03 December, 2008 (New Product) |
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Implant Sciences completes sales of Core Systems subsidiary in deal announced during November |
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Implant Sciences has announced that on November 24, 2008, the Company and its wholly owned subsidiary, C Acquisition (which operates under the name Core Systems), closed the previously announced transaction to sell substantially all of Core Systems' assets for a purchase price of $3,000,000 plus the assumption of certain liabilities.
The buyer, an entity newly formed by Core Systems' general manager and certain other investors, made cash payments of $1,375,000 prior to and upon the closing. The balance of the purchase price was paid at the closing by the buyer's delivery of a promissory note in the principal amount of $1,625,000. The promissory note requires the buyer to pay $125,000 of liabilities retained by the Company on or before November 28, 2008, an additional $500,000 on or before December 24, 2008 and the remaining principal balance, together with accrued interest, in equal monthly installments over a period of 60 months commencing February 1, 2009. The note is provided with collateral by a security interest in all of the buyer's Core Systems assets.
"We are pleased to have completed the sale of Core Systems marking the Company's total withdrawal from the semiconductor business," said Glenn Bolduc, Chief Financial Officer of Implant Sciences. "In combination with previous announcements to withdraw from all medical business operations by the end of the calendar year, we will have successfully repositioned the Company as a pure-play in the Security, Safety and Defense industries. With the distractions of divesting the Company of its non-strategic operations behind us, we can now channel all of our energies and resources into the funding and growth of our SS&D business."
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