Pure Technologies Acquires Utah-based Electromechanical Technologies Inc.
Pure Technologies Ltd. announced that it has purchased the business and assets of Electromechanical Technologies Inc., a Utah-based developer of advanced pipeline inspection technologies.
The base purchase price is $3,000,000 payable in cash, and there is provision for additional payments of up to $4,000,000 based on a percentage of revenue recognized from the purchased technologies to the end of 2013.
Additional consideration cannot exceed $2,000,000 in any year. Any additional payments will be paid approximately 75% in cash and 25% in the company’s common stock.
Source: Pure Technologies Ltd.