Jon,
From the 8K that hit Edgar today
Item 2.
Acquisition or Disposition of Assets.
-------------------------------------
On December 9, 1998, Global MAINTECH Corporation (the "Company"),
through its wholly owned subsidiary Singlepoint Systems, Inc. ("SSI"),
purchased substantially all the assets of Enterprise Solutions, Inc.
("Seller"), an Ohio corporation, pursuant to an Asset Purchase
Agreement dated as of November 1, 1998 (the "Asset Purchase
Agreement") by and among Global MAINTECH, Inc., a wholly owned
subsidiary of the Company, the Company, SSI and Seller. As a result of
this acquisition, the Company obtained substantially all of the assets
and certain liabilities of Seller, including rights under and to
Seller's computer software products, and the trademarks and copyrights
related thereto, as well as Seller's ongoing leases, contracts and
office equipment. Prior to this transaction, the Company was not
affiliated with Seller. The purchase price was determined through
negotiations by the parties to the Asset Purchase Agreement and was
paid in the following manner: $200,000 was paid in cash, options were
granted to shareholders of Seller to purchase a total of 1,700,000
shares of common stock of the Company, and options were granted to
employees of Seller to purchase a total of 80,000 shares of common
stock of the Company. The cash used in the acquisition came from cash
and investments on hand at the Company.
Seems to me to be relatively little cash upfront but alot of stock. Looks like 8 to 10% dilution, if there are now about 20m shares out there. I hope these guys start adding value. I wish the company would give us more info on them. What do they do? Do they have any outstanding contracts? Are they Making Money?
Any info from our hero would send the stock up. There isn't a whole lot of downside left. |
