ContractAult Inc • August 24th, 2005 • Electronic components, nec
On May 20, 2005, the Company completed the sale of its wholly owned subsidiary, Ault Korea Corp. (“Ault Korea”), to JEC Korea Co., Ltd. (“JEC”) for $3.8 million. The transaction results in a book loss of approximately $2,400,000. The agreement includes the receipt of $1.5 million in cash and $2.3 million in a secured note. The sale includes all assets and liabilities of Ault Korea Corporation and the use of the “Ault Korea” name in Korea for a period of three years. Ault Korea includes the property in Seoul, South Korea and approximately 110 employees.
