Cape Systems Group, Inc. Announces The Sale Of The Assets Of Its Subsidiaries
PRINCETON, N.J., Sept. 10, 2013 /PRNewswire via COMTEX/ -- (formerly pink sheets:CYSG) CAPE Systems Group, Inc. ("CAPE Systems" or the "Company"), a leading provider of software technology for packaging design, pallet and track optimization, today announced that the Company's board of directors, and the holders of at least eighty percent (80%) of the common stock and preferred stock of the Company, voting together, have approved the sale of substantially all of the assets of the Company's subsidiaries, CAPE Systems, Inc. and CAPE Systems and Consulting Services Limited, to ESKO--Graphics, Inc. and certain of its affiliates (the "Transaction"). The Transaction is anticipated to close on or about September 30, 2013
The Company is not distributing the net proceeds from the Transaction to its shareholders; instead, the Company expects to use the net proceeds from the Transaction to (i) pay off any outstanding indebtedness of the Company and other costs and expenses arising from the consummation of the Transaction, (ii) become a public company and relist its shares of common stock on a securities exchange and (iii) purchase an operating company to commence the rebuilding of the Company. There is no assurance that the Company will be able to (a) locate a suitable target entity for an acquisition, (b) negotiate and enter into an agreement on acceptable terms to purchase an operating company or consummate any such acquisition and (c) complete the process to become a public company or, if the Company becomes a public company, that it will be able to satisfy the listing requirements of a securities exchange. Additionally, pursuant to the definitive documents underlying the Transaction, the Company agreed to maintain a minimum net worth for a period of time after the closing of the Transaction and the Company may be required to use a portion of the proceeds from the Transaction to satisfy this requirement.
About CAPE SystemsCAPE Systems is a provider of software technology for packaging design, pallet and track optimization.
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