Search the web
Welcome, Guest
[Sign Out, My Account]

Quotes & Info
Enter Symbol(s):
e.g. YHOO, ^DJI
Symbol Lookup | Financial Search
PDEX > SEC Filings for PDEX > Form 8-K on 26-Apr-2013All Recent SEC Filings

Show all filings for PRO DEX INC | Request a Trial to NEW EDGAR Online Pro

Form 8-K for PRO DEX INC


Entry into a Material Definitive Agreement, Financial Statements and Exhibits

Item 1.01 Entry into a Material Definitive Agreement.

On April 22, 2013, Pro-Dex, Inc. (the "Company") entered into a Purchase Agreement (the "Agreement") with Aesthetic and Reconstructive Technologies, Inc., a Nevada corporation ("Buyer"), whereby the Company has agreed to sell the land and building comprising the Company's Carson City, Nevada facility (the "Property"). As previously disclosed, the Property formerly housed the Company's fractional horsepower motor product line doing business as Pro-Dex Astromec, which was sold to SL Montevideo Technology, Inc. in February 2012. The Company listed the Property for sale shortly after the Pro-Dex Astromec disposition.

The purchase price for the Property is $980,000, of which $15,000 has been funded by Buyer into escrow as an initial deposit, with an additional $80,000 deposit payable by Buyer into escrow prior to the expiration of Buyer's 60-day due diligence period (described below). The balance of the purchase price, in the amount of $885,000, is payable by Buyer at closing.

The Agreement affords Buyer a 60-day due diligence period with respect to the Property. If Buyer does not terminate the Agreement during its due diligence period, its $15,000 and $80,000 deposits become nonrefundable unless the Agreement does not close due to Buyer's failure to obtain financing, a breach by the Company or a failure of one of the closing conditions.

Assuming closing of the Agreement, aggregate proceeds to the Company (before taxes, fees and expenses) are expected to be $921,200, after deducting real estate broker commissions in the amount of $58,800. The Property is not encumbered by any debt.

The Purchase Agreement contains customary representations, warranties and covenants by the Company and Buyer and is subject to customary closing conditions, including completion of due diligence to the satisfaction of the Buyer. Subject to the foregoing, the Agreement provides for the closing to occur within 75 days. Until the consummation of the closing, there can be no assurance that the Property will be sold.

A complete copy of the Purchase Agreement is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated into this Item 1.01 by this reference. The foregoing summary of the Purchase Agreement is qualified in its entirety by reference to the complete text of the Purchase Agreement.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit 10.1 Purchase Agreement, dated April 22, 2013, by and between Pro-Dex.
Inc. and Aesthetic and Reconstructive Technologies, Inc.

  Add PDEX to Portfolio     Set Alert         Email to a Friend  
Get SEC Filings for Another Symbol: Symbol Lookup
Quotes & Info for PDEX - All Recent SEC Filings
Sign Up for a Free Trial to the NEW EDGAR Online Pro
Detailed SEC, Financial, Ownership and Offering Data on over 12,000 U.S. Public Companies.
Actionable and easy-to-use with searching, alerting, downloading and more.
Request a Trial      Sign Up Now

Copyright © 2014 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service
SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes only, not intended for trading purposes or advice. Neither Yahoo! nor any of independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. By accessing the Yahoo! site, you agree not to redistribute the information found therein.