Broad Street Realty Inc. (BRST)

[Enterprising Investor]

Banyan Rail Services Inc. Announces Agreement to Acquire International Thermocast Corporation and The Dekor Corporation (2/18/16)

BOCA RATON, Fla., Feb. 18, 2016 /PRNewswire/ -- Banyan Rail Services Inc. (OTC: BARA) executed an asset purchase agreement with International Thermocast Corporation and The Dekor Corporation, both Georgia Corporations (collectively, "Sellers"), and Mark Anderson, an individual resident of the State of Georgia and the sole shareholder of Sellers, for the purchase of Sellers' business of manufacturing and distributing composite kitchen and bath sinks and accessories including cast acrylic and granite sinks, cultured and synthetic marble vanity tops and other related goods and services (the "Business"). The purchase price for the Business is $4,510,000, consisting of cash payments, common stock, and assumed liabilities, subject to a closing adjustment.

In addition, Banyan executed a Real Estate Purchase Agreement with Anderson Investment Management, Inc. ("Anderson Investment"), an affiliate of Sellers, for the purchase of Anderson Investment's real property, located at 189 Etowah Industrial Court, Canton, Georgia. The purchase price for the real property is $3,800,000.

The Purchase Agreement and the Real Estate Purchase Agreement contain customary representations, warranties, covenants and indemnification provisions. The consummation of these transactions depends upon the satisfaction or waiver of a number of customary closing conditions and the receipt of consents and regulatory approvals.

"This acquisition is the first step in the long term growth and reorganization strategy of Banyan. Thermocast is an industry leader in the manufacture and distribution of composite and synthetic marble kitchen and bath sinks and provides a strong platform base for future acquisitions. In addition, we are excited to add Mark Anderson and his 20 years of experience in the industry to our team," said Jon Ryan, President and Chief Executive Officer of Banyan.

A portion of the purchase price will be paid in newly-issued Banyan stock and the company intends to obtain debt financing for the remainder.

http://www.prnewswire.com/news-releases/banyan-rail-services-inc-announces-agreement-to-acquire-international-thermocast-corporation-and-the-dekor-corporation-300222300.html