LAKE FOREST, Calif.--(BUSINESS WIRE)--I-Flow Corporation (NASDAQ:IFLO) announced today the successful consummation of the sale of I-Flow’s subsidiary, InfuSystem, Inc., to HAPC, Inc. (“HAPC”) (OTCBB:HAPN). I-Flow received the $100 million purchase price at the closing in a combination of (i) cash equal to $67.3 million and (ii) a secured promissory note with a principal amount equal to $32.7 million. I-Flow is also entitled to an additional contingent payment from HAPC (the “Additional Payment”) of up to $12 million. The amount of any Additional Payment is based on HAPC’s audited consolidated net revenues for its fiscal year ended December 31, 2010, as compared to InfuSystem’s 2007 net revenues, excluding InfuSystem’s ON-Q®-related revenues.
