Mr. Greig:
Since there is no longer any debate that the following PR went out on your watch, perhaps you can clarify this nonsensical press release:
National Boston Medical Inc. Acquires 20%
Assets in Global Employees Benefits Service
TAUNTON, Mass.--(BUSINESS WIRE)--Nov. 18, 1998--National Boston Medical Inc. (OTC BB:NBMXD -news) announced Wednesday their acquisition of 20% of the assets of Global Employees Benefits Service,(GEBS), based in Caracas, Venezuela.
The acquisition will add an additional $28.5 million to the balance sheet of National Boston Medical. This will bring the asset base for National Boston Medical to nearly $45 million, with 24,126,051 million shares outstanding as of Nov. 17, 1998, this equates to an actual per share value of $1.87. ...
Dr. Sarah Gomez, spokesperson for GEBS in the United States, had this to say about the merger:...
biz.yahoo.com
Was this a merger, or a straight purchase of assets?
If a merger, please explain, via generally accepted accounting principles (GAAP), how a 20% ownership position constitutes a merger.
If a merger, could you cite the FASB guidelines which recommend assets of GEBS be included on the NBMX balance sheet.
If this was a asset purchase, please provide the total consideration paid by NBMX for the assets, the form of payment, and the date of closing.
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