Genomics One Corporation completes the sale of the BioCan Scientific Inc's assets to Medicorp Inc.
Genomics One Corporation announced it has completed an Asset Purchase Transaction that was previously announced on May 27th, with Medicorp Inc. for an estimated value of $904,063. On May 31st, 2005, Medicorp Inc., acquired substantially all of the assets of the Genomics One's BioCan Scientific subsidiaries, the BioCan Scientific subsidiaries in Canada and in the US.
At closing, on May 31st, 2005, Medicorp Inc., assumed an estimated liabilities amount of $199,904 resulting in net estimated cash proceeds to Genomics One of $704,159. The increase in net proceeds from the previously announced value of $677,018 is the result of a goodwill adjustment for the BioCan US assets. At closing, Medicorp paid $500,000 in cash and the balance of $204,159 is held in escrow for 90 days. The escrow amount, with accumulated interest, will be paid to the sellers (BioCan Scientific Subsidiaries), after customary trade adjustments, if any, to be agreed between parties. The Sale Transaction received approval from a majority of the Shareholders of Genomics One.
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