Direct marketer PC Mall, the folks behind MacMall, has acquired “substantially all” of the assets of Pacific Business Systems (PBS), a privately held direct marketer of computer products and the folks behind the ClubMac brand.
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PBS rang up net sales of US$84 million in 2001 and has reported 18 consecutive years of profitability. Under the terms of the asset purchase agreement, PC Mall has acquired PBS’ customer database, accounts receivable, inventory, certain fixed assets and certain intellectual property and has assumed certain liabilities equal to the negotiated values of acquired accounts receivable and inventory.
In addition to certain liabilities assumed, PC Mall issued PBS 300,000 shares of its common stock and has agreed to a capped three-year earn-out, whereby additional consideration may be paid to PBS based on the future results of the acquired business. In connection with the transaction, PC Mall will also extend offers of employment to PBS sales and support employees.
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