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SearchCore Inc Announces Agreement for Sale of Wholly-owned Subsidiary Weedmaps Media, Inc

Tuesday, 18 Dec 2012 05:00am EST 

SearchCore Inc announced that on December 11, 2012, the Company entered into an agreement for the sale of its wholly-owned subsidiary WeedMaps Media, Inc. As consideration for the sale, the Company will receive a $3,000,000 secured promissory note, a reduction of over $8,000,000 in liabilities related to its obligations to previous SearchCore principals, the assumption of its office lease in Newport Beach, California, and $750,000 in cash. The transaction is anticipated to close on December 31, 2012. 

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0.0090 +9.11%
11:16am EDT