Sparta Surgical
This article was originally published in The Gray Sheet
Executive Summary
Acquisition of ICS of North America for $5.6 mil. -including $3.5 mil. in common stock, $1 mil. in cash, a $500,000 note, and assumption of $600,000 in liabilities - is outlined in a non-binding letter of intent agreement, announced March 8. The letter of intent also calls for Sparta to issue "earn-out common shares" and cash payments to ICS's principals, in the event ICS' business meets certain net sales and net income goals beginning the fiscal year ending Feb. 29, 2000. The privately held, San Diego-based digital monitoring technology firm ICS had 1998 revenues of about $5 mil