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ProSep Inc Sells Investment In South Korean Joint Venture


Tuesday, 19 Mar 2013 10:13am EDT 

ProSep Inc announced that it has entered into a binding memorandum of understanding for the sale its 51% investment in ProSep Kolon Company Ltd, a South Korean joint venture with Kolon Group, for total consideration of $5 million. After reimbursement of a related $1 million debenture, this transaction will provide net proceeds of approximately $4 million to be used as working capital. The Company entered into a binding memorandum of understanding whereby it agreed to sell its 51% investment in ProSep Kolon Company Ltd. to a subsidiary of Kolon Group, a South Korean integrated construction, chemical and advanced materials company. After reimbursing a related five-year convertible unsecured debenture (see press release dated December 8, 2010) this transaction will provide ProSep with net proceeds of approximately $4 million to be used as working capital. Licensing agreements remain in place and both companies will continue operating as commercial partners. 

Company Quote

0.035
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23 Oct 2013