SNET: Sale of Assets to European Technology Company [delayed] ( EventX/Knobia
Ridgeland, MS, FEB 17, 2004 (EventX/Knobias.com via COMTEX) -- According to an 8-K filed today, Sourcinglink.net Inc (OTCBB: SNET) reported that on February 12, 2004, after significant discussions concerning SourcingLink's direction and opportunities, the Board of Directors approved, subject to stockholder approval, the sale of substantially all of SourcingLink's assets to a European technology company. Effective February 13, 2004, stockholders holding a majority of SourcingLink's outstanding shares of common stock, including the Investor, approved the Asset Sale by written consent.
Under the terms of a non-binding letter of intent, the buyer would acquire substantially all of the assets of SourcingLink, including all assets and intellectual property related to its MySourcingCenter software application, hire certain key employees and assume SourcingLink's customer contracts, in exchange for an assumption of the majority of SourcingLink's liabilities and contractual obligations. Following completion of the Asset Sale, the buyer would continue to service SourcingLink's customers and would otherwise operate SourcingLink's business as a separate business unit.
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