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Nio Inc Sells Security Business


Wednesday, 2 Jan 2013 02:36am EST 

Nio Inc announced that it has entered into an agreement to sell its security business to a subsidiary of the United States security company IVR Controls. The sales price is royalty based, with a royalty payment of USD 250 per units sold of the current versions of Nio's core products plus a USD 100,000 initial payment. The transaction will be effective from January 1, 2013. Included in the sale are all IPR and trade names related to the security products. The agreement is subject to a final due diligence and board approval. The transaction will affect Nio's 2012 financial statements negatively, including a full write down of security inventory with up to USD 1 million.