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Evolucia Inc to Acquire Affineon Digital Lighting


Monday, 22 Apr 2013 09:32am EDT 

Evolucia Inc announced that it has entered into a Letter of Intent to acquire all of the assets of Affineon Digital Lighting, a private LED fixture and control system company located in Coral Springs, Florida that posted approximately $4 million in 2012 revenues. Under the agreement, Evolucia will purchase the assets of Affineon for a price not to exceed $12 million in cash only. Quarterly payments by Evolucia will begin only after the 2nd consecutive quarter of positive operating cash flow by Evolucia, and will be based upon a formula that combines quarterly profit from the sales of Affineon products with the overall profitability of Evolucia during each quarter. Evolucia expects to close the acquisition of Affineon, which is subject to the approval of the board of directors of Evolucia and the consummation of a definitive purchase and sale agreement, during the 3rd quarter of 2013, and has already secured the exclusive rights to the Affineon products and engineering capabilities. 

Company Quote

0.0024
-1.0E-4 -4.00%
22 Aug 2014