NORTHERN POWER SYSTEMS CORP. (TSE:NPS) Files An 8-K Completion of Acquisition or Disposition of Assets
Item 2.01.Completion of Acquisition or Disposition of Assets.
On December 7, 2018, Northern Power Systems Corp (the “Company”) through its wholly owned subsidiary, Northern Power Systems, Inc. (“NPS”), executed and closed an Asset Purchase Agreement with Natural Generation Limited (“NGL”) to which NGL acquired the assets relating to NPS’s wind turbine service business in the United Kingdom. At closing, (i) NPS received net proceeds of approximately $283,000 after various offsets and (ii) NGL hired the four (4) remaining employees of Northern Power Systems Ltd, the Company’s subsidiary in the United Kingdom. Despite the sale of its NPS’s wind turbine service business in the United Kingdom, the Company will continue to market and sell its turbines in the United Kingdom.
Item 9.01 Financial Statements and Exhibits.
(d) The following exhibits are filed with this report.
Northern Power Systems Corp. Exhibit
EX-2.1 2 exh_21.htm EXHIBIT 2.1 Exhibit 2.1 DATED 2018 (1) NORTHERN POWER SYSTEMS INC. AND NORTHERN POWER SYSTEMS LTD (2) NATURAL GENERATION LIMITED agreement for the sale and purchase of Contracts and Assets of Northern Power Systems Inc. and Northern Power Systems Ltd. 1 THIS AGREEMENT is made the 7th day of December 2018 AMONG 1. NORTHERN POWER SYSTEMS Inc. a company duly incorporated and existing under the laws of the State of Delaware,…
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About NORTHERN POWER SYSTEMS CORP. (TSE:NPS)
Northern Power Systems Corp. is a provider of renewable power creation and power conversion technology for the energy sector. The Company designs, manufactures and services permanent magnet direct-drive (PMDD) wind turbines for the distributed wind market. Its segments include Product Sales and Service, Technology Licensing, Technology Development and Shared Services. The Product Sales and Service segment includes the sale of distributed-class turbines along with related services and other products produced and sold to customers. The Technology Licensing segment includes the licensing of packages of its developed technology. The Technology Development segment includes the development of technology for specific customer needs. The Shared Services segment comprises general and administrative departments. The Company licenses its utility-class wind turbine platform, which uses the PMDD technology as its distributed turbines, to the manufacturers on a global basis.
