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ENPAR enters into Letter of Intent to acquire Biosource Inc
GUELPH, ON, Feb. 14 /CNW/ - ENPAR Technologies Inc. (TSX-V: ENP) ("ENPAR") is pleased to announce...
About this update from Current Water Technologies Inc
[{"type":"text","content":"\n\n\n\nGUELPH, ON, Feb. 14 /CNW/ - ENPAR Technologies Inc. (TSX-V: ENP)\n("ENPAR") is pleased to announce that it has entered into a non-binding Letter\nof Intent to acquire 100% of the capital stock of Biosource Inc. ("Biosource")\nof Worcester, MA, USA.\n\n\nBiosource is the holder of intellectual property that ENPAR has\nincorporated into its DesEL water treatment products.\n\n\nThe aggregate purchase price is USD $2.8 million comprising\nUSD $2,000,000 in cash payable at closing, and USD $800,000 of ENPAR common\nstock at a price of CAD $0.40 per share based on the exchange rate reference\ndate to be set out in the definitive agreement to be entered into between\nENPAR and Biosource in connection with the transaction. At closing, USD\n$250,000 of the ENPAR shares are to be paid to the shareholders of Biosource.\nThe remaining USD $550,000 of ENPAR shares are to be escrowed for a period of\n24 months and shall be pledged as security to ENPAR for indemnification\nobligations to be set forth in the Stock Purchase Agreement, except that fifty\npercent (50%) of the escrowed shares are to be released to the shareholders of\nBiosource 12 months following closing if there are no pending claims for\nindemnification with respect to the foregoing matters at that time.\n\n\nThe transaction is conditional upon completion and execution of a\nmutually acceptable Stock Purchase Agreement and related transaction\nagreements and completion of due diligence, and is subject to all necessary\nregulatory approvals and approval from ENPAR's Board of Directors.\n\n\nBy execution of the Letter of Intent, the shareholders of Biosource have\ngranted ENPAR the exclusive right of dealing for a period of up to 60 days.\nThe parties have agreed to suspend the previously announced arbitration\nproceedings between the parties, and will agree to dismiss the arbitration and\nwill agree to mutually acceptable releases if the acquisition closes.\n\n\nThe TSX Venture Exchange has not reviewed and does not accept\n\n\nresponsibility for the adequacy or accuracy of this release.\n\n\nENPAR is a "Technology Company" applying its patented and proprietary\n"Electrochemical Technologies" to the treatment of waste water and drinking\nwater contaminated by metals or nutrients i.e., nitrate/ammonia associated\nwith the mining, met...