Scientific Industries Inc. (SCND) Announces Acquisition Of Balance And Digital Scale Business
2/27/2014 9:18:04 AM
BOHEMIA, N.Y., Feb. 27, 2014 (GLOBE NEWSWIRE) -- Scientific Industries Inc. (OTCBB:SCND), (the "Company") announced that it has acquired from Fulcrum Inc., (the "Seller") its laboratory and pharmacy balance and digital scale business and related assets through an Asset Purchase Agreement with the seller and its principal stockholders, including its Chief Operating Officer. The acquisition consideration consists of 126,449 shares of the Company's Common Stock and cash of $430,000, plus additional amounts to be paid based on percentages ranging from 8% to 11% of the net sales by the Company of the products for the periods ending June 30, 2014, June 30, 2015, June 30, 2016 and June 30, 2017. The Company also paid $270,000 pursuant to long term non-competition agreements with the principal stockholders.
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