In their audited combined statement of Income for the year ended December 31, 2008, DMD and BLM reported $9.2 million in revenue and $549,000 in net income. The audited combined balance sheet of DMD and BLM as at December 31, 2008 reported current assets of $3.2 million, total assets of $5.9 million, current liabilities of $2.0 million and total liabilities of $2.8 million.
For the six-month period ended June 30, 2009, non-audited results of operations showed revenue of $4.3 million and net income of $305,000, $2.6 million in current assets, total assets of $5.3 million, current liabilities of $1.2 million and total liabilities of $2.0 million.
Subject to adjustments further to the transaction, pro-forma income statements indicates the EBITDA would be in excess of $4.0 million on an annual basis at the current level of revenue.
This transaction is entirely at arm's length. No finder's fee is payable. Blackmont Inc. has acted as an advisor for the transaction.
Concurrent Private Placements -----------------------------
In connection with the purchase of the Purchased Assets, Aptilon has proceeded with a concurrent private placement of 4,545,455 common shares for an aggregate amount of CDN $500,000 to SIPAR Inc., an investor dealing at arm's length. SIPAR Inc. has also purchased a non convertible debenture in the amount of CDN $1,000,000, bearing interest at 16% per annum and repayable in biyearly (twice a year) installments over a period of three years.
The Corporation also issued to another investor dealing at arm's length a non convertible debenture in the amount of US $500,000 and bearing interest at 12.5% per annum repayable on the third anniversary of its issuance. As consideration for the subscription of the debenture by the investor the Corporation has issued to it 2,300,000 warrants entitling to hol
|SOURCE APTILON CORPORATION|
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