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Avidus Management Group announces acquisition of Truestar Health Inc.

Wednesday, 16 Jul 2014 08:30am EDT 

Avidus Management Group:Enters into an asset purchase agreement with Truestar Health Inc. (Truestar), Toronto based network-marketing company.Pursuant to which Avidus will acquire substantially all of assets of Truestar.Under terms of asset purchase agreement, Avidus will purchase substantially all of assets of Truestar for an aggregate purchase price (not including value of inventory) of C$6 mln that will be paid as follows.Says C$500,000 upon close and remaining C$5.5 mln based upon five pct royalty override on Truestar's revenue.Avidus will pay for existing Truestar inventory as products are sold.Says 5 pct royalty override does not begin until after existing Truestar current inventory is sold.As part of the transaction, Avidus is acquiring Truestar's proprietary software system that allows distributors and customers to create customized nutritional, diet and exercise plans around Truestar's 30 plus products. 

Company Quote

-0.0050 -10.00%
22 Sep 2014