Zedcor Inc. Enters into Agreement to Sell Rentals Segment Assets for $11.3 Million
Calgary, Alberta--(Newsfile Corp. - May 27, 2021) - Zedcor Inc. (TSXV: ZDC) (the "Company" or "Zedcor") today announced it has entered into an agreement with a privately held company, controlled and owned by Maynbridge Capital Inc., to sell the assets of the Company's Rentals segment (the Rentals Assets") for cash proceeds of $11.3 million (the "Transaction").
Transaction Details:
In addition to the $11.3 million of cash proceeds, Zedcor will receive:
a bonus payment of 35% for each dollar of earnings before interest, taxes, depreciation and amortization ("EBITDA") above an annual threshold summarized in the table below which will be calculated on the first, second, and third anniversary dates of the closing of the transaction;