Commonwealth Biotechnologies, Inc. (CBTE) Enters Into Agreement With Bostwick Laboratories to Sell the Assets of its CBI Services and Fairfax Identity Laboratories Divisions
7/21/2009 11:48:15 AM
RICHMOND, Va.--(BUSINESS WIRE)--Commonwealth Biotechnologies, Inc. ("CBI") (NASDAQ Capital Market:CBTE) is pleased to announce that an agreement has been signed with Bostwick Laboratories, Inc. (“Bostwick”) for the sale of the assets of CBI’s Fairfax Identity Laboratories (“FIL”) and CBI Services divisions. Bostwick has agreed to purchase such assets for a purchase price of $1,075,000.00, in cash and certain royalty payments to the CBI over a five-year period. In addition, CBI will lease to Bostwick the building located at 601 Biotech Drive, Richmond, Virginia, housing the CBI Services and Fairfax Identity Laboratories. Subject to Bostwick’s satisfaction of its two week due diligence inspection and approval of the sale by CBI’s shareholders and lenders, the sale is expected to close in the third fiscal quarter of 2009.