MASSAPEQUA, N.Y., Aug. 18 /PRNewswire-FirstCall/ -- Robocom Systems International Inc. (BULLETIN BOARD: RIMS) announced today it has signed a definitive agreement with Avantce RSI, LLC, a Delaware limited liability company, pursuant to which it has agreed to sell substantially all of the Company's assets. While the transaction has received unanimous board approval, the obligation of Avantce to close is conditioned upon its ability to obtain satisfactory financing.
Avantce has agreed to pay a total purchase price of approximately $3,170,000 for those assets, subject to certain adjustments. The assets that are intended to be sold to Avantce primarily consist of the RIMS(TM) software product and intellectual property rights, all contracts, accounts receivables, tangible personal property and certain cash on hand. This transaction is subject to the approval of Robocom's shareholders.
The Company expects to hold a special meeting of its shareholders to vote on this transaction on October 11, 2005, with closing expected to occur shortly thereafter.
The Company has not yet made any firm determination about future business plans once the asset sale is consummated. The Board is currently evaluating several possible alternatives, which include liquidation and dissolution with a cash payout to shareholders.
Irwin Balaban, Robocom's President and CEO, said, "This is an exciting opportunity for Robocom and its customers and employees. Avantce has advised us that it intends to continue the operations of Robocom, whereby our customers and employees will benefit by virtue of the leadership of a strong group of principals with many years of experience in the supply chain and financial fields."
Avantce Software, LLC is a private investment company focused on investments in mature segments of the Information Technology industry. Its principals have a collective experience of over 60 years in the supply chain execution, software and professional services industries. Leveraging this experience, Avantce is focused on additional acquisitions within the warehouse management software industry. For more information see http://www.avantce.com/.
For more information, please contact Investor Relations at
© 2005 PR Newswire
