PRO-DEX, INC. (PDEX) Sells Fractional Horsepower Motor Business for $830K
Tweet
Share
E-mailGet Alerts PDEX Hot Sheet
Join SI Premium – FREE
PRO-DEX, INC. (Nasdaq: PDEX) announced the sale of its fractional horsepower motor business, operating under the name Pro-Dex Astromec and located in Carson City, Nevada.
Under the terms of the asset purchase agreement, executed on February 27, 2012, the Company sold substantially all the assets of Astromec, consisting of inventory, equipment and intangibles, and excluding cash, accounts receivable, the parent-owned facility in which Astromec conducted its business and all liabilities, for a cash payment of $830,000, representing the estimated net book value of the purchased assets and subject to adjustment based on physical counts of the assets sold. The Company may also receive conditional future payments based on sales of Astromec product and sales to Astromec prospects, as defined in the asset purchase agreement, over the ensuing three-year period.
Under the terms of the asset purchase agreement, executed on February 27, 2012, the Company sold substantially all the assets of Astromec, consisting of inventory, equipment and intangibles, and excluding cash, accounts receivable, the parent-owned facility in which Astromec conducted its business and all liabilities, for a cash payment of $830,000, representing the estimated net book value of the purchased assets and subject to adjustment based on physical counts of the assets sold. The Company may also receive conditional future payments based on sales of Astromec product and sales to Astromec prospects, as defined in the asset purchase agreement, over the ensuing three-year period.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- CB&I wins $50M-$100M FPSO contract in Côte d'Ivoire
- Boeing names Ryan Shedd as new SVP and controller
- Denarius Metals acquires 15% stake in Copper Giant, Trafigura invests
Create E-mail Alert Related Categories
Corporate NewsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
