ESI Entertainment Systems Inc. Completes Sale Of ESI Integrity To Spectra Systems Corporation
ESI Entertainment Systems Inc. announced that it has entered into and closed an Agreement to sell substantially all of the assets and undertaking of its ESI Integrity Systems Inc. subsidiary to Spectra Systems Corporation for USD1.425 million in an all cash transaction. Under terms of the agreement Spectra Systems Corporation of Providence, Rhode Island has acquired substantially all of the assets of ESI Integrity, including the name 'ESI Integrity', contracts and resources for USD1.425 million, of which USD1.225 million was paid in cash upon closing; the balance of USD200000 will be held in escrow for three months pending any post-closing adjustments. Spectra has also hired all of the former ESI Integrity employees.
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