|The purchase price is $900,000, of which $400,000 is payable in cash at the closing and $500,000 is payable in a single payment on July 1, 2013 pursuant to a non-interest bearing promissory note (the “Note”). In the Asset Purchase Agreement, we made certain representations and warranties regarding the assets of the Sellers and agreed to indemnify the Buyer and its affiliates for breaches of representations and warranties, breaches of covenants and certain other matters. The consummation of the asset sale is subject to certain closing conditions. |
FORM 8-K Filing Date 2012-02-16
Date of Report (Date of Earliest Event Reported): February 10, 2012
(b) JBI acquired Pak-it on September 30, 2009. The purchase price was $4,615,000 consisting of 625,000 shares of our common stock and notes payable of $2,665,000 and $1,200,000. The Company has used the share price on the date of acquisition to value our common shares. The majority shareholder pledged 10,000,000 shares of common stock if the notes were not repaid within 90 days. In the Pro Forma Statements the Company has assumed that notes were paid with those shares and no interest expense has been accrued. Goodwill amounting $2,668,584 has been assumed to be fair value of purchase consideration less values of assets acquired less liabilities assumed.
Jbi/Inc · 8-K/A · For 8/24/09 · EX-99.1