Xcorporeal, Inc. Announces Signing Agreement With Fresenius AG for the Sale of Substantially All of Its Assets
12/21/2009 9:05:32 AM
LOS ANGELES--(BUSINESS WIRE)--Xcorporeal, Inc. (Pink Sheets:XCRP) (the “Company” or “Xcorporeal”) announced today that on December 14, 2009 it signed an asset purchase agreement (the “Purchase Agreement”) with National Quality Care, Inc. (“NQCI”, and together with the Company, the “Sellers”), and Fresenius USA, Inc. (the “Purchaser”), a Massachusetts corporation and a wholly owned subsidiary of Fresenius Medical Care Holdings, Inc., to sell substantially all of the assets of the Sellers to the Purchaser for an aggregate cash purchase price of $8,000,000 (the “Purchase Price”) and certain additional royalty payment rights. The Purchase Price will be payable to the Sellers in three installments. The Company’s board of directors has unanimously approved the Purchase Agreement. The sale represents the conclusion of a process to sell substantially all of the Company’s assets. The closing is scheduled to occur on or before February 28, 2010.
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