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Acquired Sales Corp Enters Into Definitive Stock Purchase Agreement To Sell Cogility Software Corporation To Drumright Group, LLC


Thursday, 17 Jan 2013 08:00am EST 

Acquired Sales Corp announced that it has entered into a definitive Stock Purchase Agreement to sell its subsidiary Cogility Software Corporation (Cogility) to privately held Drumright Group, LLC. The sale is expected to close on or about February 11, 2013. As the sale consideration, Acquired Sales Corp. expects to receive three cash payments: an amount equal to $4,000,000 less the aggregate liabilities of Cogility on the closing date; $1,500,000 on the six month anniversary of the closing date subject to a possible delay as set forth in the Agreement; and $1,500,000 on the one year anniversary of the closing date. Acquired Sales Corp. expects to be responsible for all expenses of Cogility, and expects to collect all accounts receivable in regard to work completed by Cogility, through January 31, 2013, with expenses and revenue transitioning to the new owner thereafter. 

Company Quote

2.97
-0.01 -0.34%
29 Jul 2014