ERJ staff report (DS)
Richmond, British Columbia, Canada, -- SmarTire Systems Inc. said it has signed an agreement which is likely to result in the sale of its business and the related assets to Bendix Commercial Vehicle Systems LLC, North American affiliate of the Munich, Germany-based Knorr-Bremse AG. Financial details were not disclosed.
The deal is not fully agreed and will only go through if all sides can agree a mutually acceptable definitive sale and purchase agreement; approval of the transaction by SmarTire's board of directors; and approval of the transaction by SmarTire's debtholders, including release of all debts and claims against SmarTire's assets.
SmarTire said it would use the proceeds of the sale to offset debts incurred by the business.
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Press release from SmarTire