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GORX > SEC Filings for GORX > Form 8-K on 15-Jul-2009All Recent SEC Filings

Show all filings for GEOPHARMA, INC. | Request a Trial to NEW EDGAR Online Pro

Form 8-K for GEOPHARMA, INC.


15-Jul-2009

Completion of Acquisition or Disposition of Assets, Financial Statements and Exhi


Item 2.01 Completion of Acquisition or Disposition of Assets.

On July 10, 2009, the Company completed the sale of a substantial portion of the inventory, accounts receivable and other assets (the "Assets") of the BOSS division of its subsidiary, Dynamic Health Products, Inc. ("BOSS"), to USA Sports, LLC ("USA"). The effective date of the sale was June 30, 2009.

The total sale price was $2,223,351.03, subject to a post-Closing adjustment following the reconciliation of certain inventory returns and vendor credits.

At Closing, Wachovia Bank, National Association ("Wachovia") received a cash payment in the amount of $1,850,000.00 towards the settlement of BOSS's outstanding obligations to it. BOSS will continue to pay-down the balance of its obligations to Wachovia through the orderly liquidation of its remaining assets.

The sale of BOSS's assets to USA is part of the Company's decision March 31, 2009 to discontinue its Distribution segment as it is considered non-core related activities, including the retail/distribution business of BOSS.

The Asset Purchase Agreement is attached hereto as exhibit 99.1. This information is being furnished pursuant to Item 2.01 of Form 8-K and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities under that section and shall not be deemed to be incorporated by reference into filings under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filings.



ITEM 9.01. Financial Statements and Exhibits.

(c) Exhibits.

The following exhibit is being furnished with this Report:

Exhibit 99.1 Asset Purchase Agreement


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