Accounting for Sale of GeneWize and the Licensing and Distribution Agreement and Related WarrantsPer Warrant Purchase Agreement • March 20th, 2012 • Genelink Inc • Services-medical laboratories
In October 2011, GeneLink, Inc. (“the Company”, “GeneLink” or “the Seller”) entered into certain agreements for the sale of its wholly owned subsidiary, GeneWize Life Sciences, Inc. (“GeneWize”) to Capsalus Corp. (“Capsalus” or “the Purchaser”). The transaction involves i) a Stock Purchase Agreement (for the sale of the sub that includes earnout consideration), and an ii) an Interim Management agreement where the Purchaser will receive all profit earned by the GeneWize from October 1, 2011 through the closing of the sale (which is not yet complete and pending shareholder approval at a special meeting).
