ESTEC SYSTEMS CORP. ("ESE")
BULLETIN TYPE: Property-Asset or Share Purchase Agreement
BULLETIN DATE: August 22, 2011
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing an letter of intent (the "Agreement") dated January 11, 2011 as amended February 23, 2011 between ESTec Systems Corp. (the "Company"), Encore Electronics, Inc. ("Encore") and Marcel Zucchino ("the Covenantor") pursuant to which the Company has acquired substantially all of the business assets (excluding real property assets) of the operating assets of privately held Encore of Saratoga Springs, New York.
The purchase price paid for these assets was USD$1,500,000 which is subject to certain customary adjustments. The acquisition was entirely financed through a commercial loan facility by a Canadian chartered bank.
No finder's fee is payable in connection with the Transaction.
Insider / Pro Group Participation: N/A. The Company was at arm's length to both Encore and the Covenantor at the time the Company entered the Agreement.
For further information on the Transaction please read the Company's news release dated January 18, 2011 available on SEDAR.