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SPMI > SEC Filings for SPMI > Form 8-K on 26-Jun-2014All Recent SEC Filings

Show all filings for SPEEDEMISSIONS INC



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

Item 2.01 Completion of Acquisition or Disposition of Assets.

On June 20, 2014, we completed the sale of certain operating assets comprising five (5) emission testing centers in the Houston, Texas market. The stores were sold to ZAK's & HF Enterprises ("Zak's"), LLC, a Texas based, limited liability corporation. After taking into consideration the sale of these five (5) emission testing centers, we now operate thirty-two (32) emission testing centers in Atlanta, GA, St. Louis, MO and Salt Lake City, UT metropolitan areas, plus four
(4) mobile testing units in the Atlanta, GA area.

In exchange for these operating assets, Zak's paid us $140,000 in cash along with a twelve (12) month $60,000 note receivable. The shareholders of Zak's were unrelated to us and our affiliates, and the purchase price was determined by arms-length negotiations.

Item 9.01 Financial Statements and Exhibits.

Exhibit No. Description

10.1 Speedemissions, Inc. press release dated June 20, 2014

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