Xtrana, Inc. (XTRN) Announces Completion Of The Sale Of Its Patent Portfolio
10/19/2005 5:11:28 PM
Xtrana, Inc. (OTCBB: XTRN) announced today the completion of the previously announced sale of its intellectual property to Applied Biosystems Group (NYSE: ABI), an Applera Corporation business, for $4,000,000 in cash.
Under the terms of the definitive agreement for the transaction, Applied Biosystems purchased all intellectual property of Xtrana, other than trademarks and trade names. These assets include all U.S. and foreign patents, inventions, trade secrets and know-how, and constituted substantially all of the assets of Xtrana. The total consideration of $4,000,000 consists of: (a) a $100,000 cash deposit, which was previously paid to Xtrana, (b) $3,500,000 in cash paid at closing; and (c) $400,000 in cash to be paid 90 days after closing, subject to Xtrana providing certain consulting services as defined in the definitive agreement.
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