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VASC > SEC Filings for VASC > Form 8-K on 29-Oct-2012All Recent SEC Filings

Show all filings for VASCULAR SOLUTIONS INC

Form 8-K for VASCULAR SOLUTIONS INC


29-Oct-2012

Entry into a Material Definitive Agreement


Item 1.01. Entry into a Material Definitive Agreement.

On October 24, 2012 (the "Effective Date") Vascular Solutions, Inc. ("Company") entered into a purchase agreement with Dayhu Investments U.S. Corporation ("Dayhu") to acquire an office building of approximately 71,500 square feet located at 6401 Sycamore Court, Maple Grove, Minnesota, for a total purchase price of $8,000,000 (the "Purchase Agreement"). Subject to the satisfaction of certain terms and closing conditions customary for a real estate transaction of this size, the closing is expected to take place on December 1, 2012, or earlier upon the mutual agreement of the Company and Dayhu (the "Closing"). Under the terms of the Purchase Agreement, within five business days after the Effective Date, the Company will deposit $650,000 into escrow to be held as earnest money until the Closing.

The building is located adjacent to the building which currently houses the Company's principal offices and manufacturing facility in Maple Grove, Minnesota. The Company intends to occupy approximately 23,900 square feet of the building beginning shortly after the Closing for general office use and intends to continue the lease of the remaining 47,600 square feet of the building to the current tenants under existing leases that will be assigned to the Company at Closing as landlord. The Company expects the net result of the purchase of the building to be neutral on an earnings per share basis in 2012 and modestly accretive to earnings per share in 2013. The Company plans to file the Purchase Agreement as an exhibit to its Form 10-K for the year ending December 31, 2012.

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