Commonwealth Biotechnologies, Inc. Announces Signing of Share Purchase Agreement to Sell Mimotopes Pty. Ltd. to Leadtec Systems Australia Pty Ltd.
RICHMOND, Va.--(BUSINESS WIRE)--Commonwealth Biotechnologies, Inc. (“CBI”) (CBTE.PK) is pleased to announce that it has signed a Share Purchase Agreement to sell its Australian subsidiary, Mimotopes Pty Ltd to Leadtec Systems Australia Pty Ltd. (“Leadtec”) for a cash consideration of $950,000 and an earn out potential of $100,000 if Mimotopes reaches certain milestone earnings in 2011. The transaction will require shareholder approval and is expected to close in late 2010 or early 2011.