Global Traffic Network (GNET) Amended Letter of Intent to Acquire UBC Media Group plc's Commercial Division
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Global Traffic Network, Inc. (Nasdaq: GNET) has amended the letter of intent governing its contemplated acquisition of UBC Media Group plc's commercial division.
Under the revised letter of intent, the Company will acquire the share capital of the UBC Media Group subsidiary that conducts its commercial division operations for a closing date payment of GBP 11 million (approximately $21.9 million) and additional contingent payments of up to GBP 5.5 million (approximately $11 million) based upon the acquired business achieving net revenue targets during the 12 month period following the closing ranging from GBP 11 million to GBP 13.6 million. The Company's previous option to satisfy a portion of the purchase price by delivering shares of its common stock has been eliminated.[SM]
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