SNET SNET: Sale of Assets to European Technology Company [delayed] ( EventX/Knobia
Ridgeland, MS, FEB 17, 2004 (EventX/Knobias.com via COMTEX) -- According to an
8-K filed today, Sourcinglink.net Inc (OTCBB: SNET) reported that on February
12, 2004, after significant discussions concerning SourcingLink's direction and
opportunities, the Board of Directors approved, subject to stockholder approval,
the sale of substantially all of SourcingLink's assets to a European technology
company. Effective February 13, 2004, stockholders holding a majority of
SourcingLink's outstanding shares of common stock, including the Investor,
approved the Asset Sale by written consent.
Under the terms of a non-binding letter of intent, the buyer would acquire
substantially all of the assets of SourcingLink, including all assets and
intellectual property related to its MySourcingCenter software application, hire
certain key employees and assume SourcingLink's customer contracts, in exchange
for an assumption of the majority of SourcingLink's liabilities and contractual
obligations. Following completion of the Asset Sale, the buyer would continue to
service SourcingLink's customers and would otherwise operate SourcingLink's
business as a separate business unit.
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CONTACT: Knobias.com, LLC
601-978-3399
601-978-3675
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Copyright 2004 Knobias.com, LLC, All rights reserved.
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SUBJECT CODE: Divestiture/Asset Disposition
Event Filing
Major Agreements
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