LIFELOC TECHNOLOGIES, INC. (OTCMKTS:LCTC) Files An 8-K Completion of Acquisition or Disposition of Assets
Item 2.01 Completion of Acquisition or Disposition of Assets.
corporation (the “Company”), entered into an Asset Purchase
Agreement (the “Asset Purchase Agreement”) with Track Group
Inc., a Delaware corporation, and its wholly owned subsidiary
Integrated Monitoring Systems, LLC, a Colorado limited liability
company. to the terms and conditions of the Asset Purchase
Agreement, the Company acquired certain assets comprised of: (1)
handheld hardware device technology (the “Device”), designed to
measure breath alcohol content of the user; and (2) software
technology called RADAR Reporting Center designed to allow the
Device to be configured and to capture and manage the data being
returned from the Device (together with the Device, the “RADAR
Assets”). The purchase price under the Asset Purchase Agreement
was $860,000. Under the Asset Purchase Agreement, the Company
assumed certain liabilities and obligations, including
contractual obligations, and various other liabilities and
obligations arising out of or relating to the RADAR Assets,
including obligations related to current customers of the RADAR
Assets. The Asset Purchase Agreement contains customary
representations, warranties, and covenants and provides for
indemnification rights with respect to a breach of a
representation, warranty or covenant by either party.
Agreement is qualified in its entirety by reference to the
Agreement, a copy of which is attached hereto as Exhibit 2.1 and
is incorporated into this report by reference.
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Exhibit No.
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Description
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2.1*
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Asset Purchase Agreement dated as of March 8, 2017, by and
among Lifeloc Technologies, Inc., Integrated Monitoring Systems, LLC, and Track Group Inc. |
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* Certain schedules to the Asset Purchase Agreement have
been omitted to Item 601(b)(2)of Regulation S-K. The Registrant will furnish a supplemental copy of any omitted schedule or similar attachment to the Securities and Exchange Commission upon request. |
About LIFELOC TECHNOLOGIES, INC. (OTCMKTS:LCTC)
Lifeloc Technologies, Inc. is a developer, manufacturer and marketer of portable hand-held and fixed station breathalyzers and related accessories, supplies and education. The Company operates through two segments: Products and Rentals. The Products segment includes the sale of physical products, including portable hand-held breathalyzers and related accessories, supplies, education, training, and royalties from development contracts with original equipment manufacturer (OEM). The Rentals segment includes rental of a portion of the Company’s building. It designs, produces and sells fuel-cell based breath alcohol testing equipment. In addition, it offers a line of supplies, accessories, services, and training to support customers’ alcohol testing programs. It product line, FC Series, is designed for domestic and international law enforcement and corrections markets. It also provides the EV30 and Phoenix 6.0 Evidential Breath Tester (Phoenix 6.0). LIFELOC TECHNOLOGIES, INC. (OTCMKTS:LCTC) Recent Trading Information
LIFELOC TECHNOLOGIES, INC. (OTCMKTS:LCTC) closed its last trading session down -0.25 at 12.50 with 270 shares trading hands.
