Semco Distribution, Inc.+ Ultimate Surface LLC - a total sum of $2,750,000.
Semco Manufacturing - payment of $2,650,000
According to the 10-KSB PLNI purchased the 3 companies for -
$5,400,000
10KSB · 13th Page of 54
On January 1 2006, the Company purchased the controlling shares of Semco Distribution, Inc., a Nevada corporation and Ultimate Surface LLC, a Nevada limited liability Company. The purchase was for a total sum of $2,750,000 payable as follows; $100,000 deposit, $550,000 upon completion of escrow, shares of restricted common stock with a valuation of $100,000 and $2,000,000 to be paid as cash performance payments based upon certain funding requirements. The $2,000,000 is an earn-out and capped at $2,000,000, but not a payment certain.
10KSB · 19th Page of 54
In January 2006, the Company acquired all the stock of Semco Manufacturing (SEMCO), a Nevada business that manufactures and sells concrete coating products.
The purchase terms are payment of $2,650,000 consisting of $650,000 in cash and $2,000,000 in performance payments (50% of Net Profits as defined) plus Plasticon restricted common stock worth $100,000. Additionally, the Company will pay a royalty payment (4% of Net Profits as defined) for twenty years beginning after the $2,000,000 of performance payments are made. The agreement includes a five year employment agreement with a base salary and other benefits specified.
10KSB · 54th Page of 54
In January 2006, the Company acquired all the stock of SEMCO Manufacturing (SEMCO), a Nevada business that manufactures and sells concrete coating products.
The purchase terms are payment of $2,650,000 consisting of $650,000 in cash and $2,000,000 in performance payments (50% of Net Profits as defined) plus Plasticon restricted common stock worth $100,000. Additionally, the Company will pay a royalty payment (4% of Net Profits as defined) for twenty years beginning after the $2,000,000 of performance payments are made. The agreement includes a five year employment agreement with a base salary and other benefits specified.
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