Terms of the transaction were not disclosed;
ROCHESTER, NEW YORK— (December 7, 2020) – CurAegis Technologies (OTC:CRGS) is pleased to announce the completion of the sale of its Aegis division assets to Poseidon Fluid Power, LLC. Included in the sale are the patents, trademarks, and other intellectual property as well as testing equipment, prototypes, and other fixed assets related to the Aegis division.
Poseidon Fluid Power acquired the assets of the Aegis division (formerly Torvec) pursuant to an Asset Purchase Agreement and Technology Transfer and Assignment Agreement dated December 3, 2020. Terms of the transaction were not disclosed; however, CurAegis will benefit from the successful commercialization of the Aegis assets via royalty payments for a period of ten years.
Jim Donnelly, President and CEO of CurAegis Technologies, stated “The strategic divestiture of the Aegis assets allows CurAegis to pivot our business strategy to focus our resources and efforts exclusively on delivering our innovative SaaS product, Cardian.io, to the rapidly growing mHealth market. We are confident that Poseidon has the right team to advance this technology and look forward to participating in that success consistent with the terms of the agreement.”
Mark Redding, President of Poseidon Systems and Managing Member of Poseidon Fluid Power added, “CurAegis, and its predecessor Torvec, have a long history of innovation in specialty industrial applications in Rochester. Poseidon Fluid Power is excited to leverage our expertise in delivering innovative products to commercialize this platform globally while creating jobs here in Rochester, NY."
