Pansoft (PSOF) to Acquire Hefei Langji Tech in $1.7M Deal
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Pansoft Company Limited (Nasdaq: PSOF) has signed an agreement to acquire all of the equity interests of Hefei Langji Technology Co., Ltd. and its wholly-owned subsidiary, Shanghai Zhongrui, on September 9, 2011, for a total purchase price of RMB 10.8 million (approximately $1.69 million).
The purchase price is payable in four installments. The first installment, representing 35% of the total purchase price, will be paid in a combination of cash and the Company's common stock. The three other installments are required to be paid on an annual basis over the next three years in a combination of cash and the Company's common stock. Payments will be contingent upon Langji and Zhongrui meeting certain revenue targets.
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The purchase price is payable in four installments. The first installment, representing 35% of the total purchase price, will be paid in a combination of cash and the Company's common stock. The three other installments are required to be paid on an annual basis over the next three years in a combination of cash and the Company's common stock. Payments will be contingent upon Langji and Zhongrui meeting certain revenue targets.
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