ADDVANTAGE TECHNOLOGIES GROUP, INC. (NASDAQ:AEY) Files An 8-K Other Events
Item 8.01 Other Events.
Purchase of Fulton Technologies, Inc. and Mill City Communications, Inc.
On January 4, 2019, the Company acquired substantially all of the assets of Fulton Technologies, Inc. (“Fulton”) and Mill City Communications, Inc. (“Mill City”). The assets acquired include: accounts receivable, inventory, service contracts, commercial leases, books and records, intellectual property and certain items of personal property (the “Assets”). The Assets were purchased through the Company’s wholly owned subsidiary, ADDvantage Acquisition Corp., an Oklahoma corporation.
The Company purchased the Assets for a purchase price of ONE MILLION SEVEN HUNDRED THOUSAND DOLLARS ($1,700,000.00), subject to customary adjustments, payable in assumed liabilities and cash (the “Purchase Price”). The Company financed the Purchase Price with existing working capital.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
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Exhibit 99.1 |
Press Release dated January 10, 2019 issued by the Company. |
ADDVANTAGE TECHNOLOGIES GROUP INC Exhibit
EX-99.1 2 press_release-01102019.htm PRESS RELEASE – FULTON AND MILL CITY ACQUISITION COMPLETION ADDvantage Technologies Group,…
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About ADDVANTAGE TECHNOLOGIES GROUP, INC. (NASDAQ:AEY)
ADDvantage Technologies Group, Inc., through its subsidiaries, distributes and services a range of electronics and hardware for the cable television (Cable TV) and telecommunications (Telco) industries. The Company provides equipment repair services to cable operators. The Company has two segments: Cable Television (Cable TV) and Telecommunications (Telco). The Company’s Cable TV segment sells new, surplus and refurbished cable television equipment to cable television operators or multiple system operators (MSOs) or other resellers that sell to these customers throughout North America, Central America, South America and to other international regions. The Company’s Telco segment offers its customers a range of used telecommunication equipment across various manufacturers consisting of component parts to expand capacity, provides spares or replaces non-working components. The Telco segment’s switching equipment products originate, terminate and route voice traffic.