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Rocky Mountain Chocolate Factory Inc Acquires Selected Assets Of Yogurtini International, LLC And 60% Controlling Equity Interest In U-Swirl, Inc


Monday, 14 Jan 2013 08:00am EST 

Rocky Mountain Chocolate Factory Inc announced that it has acquired selected assets of Yogurtini International, LLC; and contributed its Aspen Leaf Yogurt, newly acquired Yogurtini assets, and $78,000 in cash to U-Swirl, Inc. in exchange for a 60% controlling equity interest in U-Swirl, Inc. Under the terms of agreements among the respective parties: Rocky Mountain Chocolate Factory, Inc. acquired all contractual and intellectual property assets of Yogurtini for an undisclosed amount of cash plus a potential earnout contingent upon financial performance over a two-year period. Specific terms of the transaction were not disclosed; Rocky Mountain Chocolate Factory, Inc. contributed to U-Swirl: substantially all contractual and intellectual property of Aspen Leaf Yogurt and Yogurtini; property, plant and equipment relating to six company-owned Aspen Leaf Yogurt stores; and $78,000 in cash. In exchange, Rocky Mountain Chocolate Factory, Inc. received from U-Swirl: 60% of U-Swirl's outstanding common stock, $500,000 in recourse notes, $400,000 in non-recourse notes, and a stock purchase warrant that allows Rocky Mountain Chocolate Factory, Inc. to maintain its pro rata ownership in U-Swirl if existing options and/or warrants are exercised. While Rocky Mountain Chocolate Factory, Inc. now owns a majority of U-Swirl's common stock and will be represented on the U-Swirl board of directors, U-Swirl will continue to be operated by its current management team. 

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19 Dec 2014