Fortress Paper announces that it has successfully completed the sale of Fortress Optical Features Ltd. to Nanotech Security Corp. , previously announced on August 26, 2014.
The purchase price for the sale is up to $17,500,000, subject to a post-closing working capital adjustment and earn-out in respect of 3,000,000 common shares of Nanotech, which shares were issued at a deemed price of $1.50 per share and will be held in escrow to be released to the Company upon the achievement of certain business milestones by FOF and/or Nanotech over a five year period.
With the sale of FOF, Fortress Paper will no longer manufacture optically variable thin film material.
