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BSM Technologies Inc Announces Binding Letter of Intent to Acquire Telematics Company


Tuesday, 19 Mar 2013 01:53pm EDT 

BSM Technologies Inc announced that it has entered into a binding letter of intent dated March 18, 2013 (the LOI) with a private, arms-length company in the telematics industry (AcquireeCo), in connection with the acquisition by BSM of AcquireeCo (the Transaction) from AcquireeCo's shareholders. AcquireeCo is a private company whose principal business consists of fleet management, GPS tracking, mobile data communications, and telematics. AcquireeCo's services address areas such as vehicle location, real-time alerts, dispatch, vehicle diagnostics and maintenance reporting. Under the terms of the LOI, the Transaction will be structured as a purchase of 100% of the outstanding securities of AcquireeCo. Pursuant to the LOI, BSM will pay to the AcquireeCo shareholders $16,000,000, which will be comprised of: $10,000,000 in cash; $2,000,000 in non-cash consideration which will consist of 1,428,572 common shares in the capital of BSM; iii. An additional $4,000,000 subject to an earn-out (the Earn-Out), comprised of: $2,000,000 in cash; and an additional 1,428,572 common shares in the capital of BSM (valued at $2,000,000) which will be deposited into an escrow account and will vest and be delivered to the AcquireeCo Shareholders. The Transaction is expected to be completed by the end of April, 2013. 

Company Quote

2.2
-0.05 -2.22%
29 Jul 2014