ITEM 1.01 Entry into a Material Definitive Agreement.
(“Amergent”), through its wholly owned
for the purchase price of £600,000 (approximately
sale agreement (“Agreement”) contains customary representations and warranties
of the parties. Of the aggregate purchase price, £150,000 (approximately
financial position of
The Buyer agreed to handle all matters required in respect of the existing
franchise relating to the restaurant and to cover all of its costs related
thereto. Rescission is not available as a remedy for any breach of the Agreement
and Buyer agreed not to claim that remedy. Seller’s liability for undisclosed
claims arising prior to the closing is subject to certain limitations. For
example, claims must exceed certain thresholds to trigger Seller’s liability and
Seller is not liable for claim amounts covered by insurance or claims that are
remediable without further cost.
The foregoing summary of the transaction does not purport to be complete and is
qualified in its entirety by reference to the Agreement, which document will be
attached as an exhibit to Amergent’s quarterly report on Form 10-Q for the
2.01 Completion of Acquisition or Disposition of Assets.
The disclosures set forth in Item 1.01 are incorporated herein.
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