Executives purchased the business and assets of the company, which specializes in development of pipeline inspection tools
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.