Southern Vehicle Auctions, Inc. acquired the assets of Augusta Auto Auction, Inc. from Acacia Automotive, Inc. for $1.5 million.
August 27, 2012 at 12:00 am EDT
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Southern Vehicle Auctions, Inc. entered into a letter of intent to acquire the assets of Augusta Auto Auction, Inc. from Acacia Automotive, Inc. (OTCPK:ACCA) for $1.5 million on November 8, 2011. Southern Vehicle Auctions, Inc. entered into an asset purchase agreement to acquire the assets of Augusta Auto Auction, Inc. from Acacia Automotive, Inc. (OTCPK:ACCA) on June 26, 2012. The shareholders of Acacia Automotive entered into a written consent resolution to approve the sale of assets of Augusta Auto on July 26, 2012. As part of consideration, Acacia Automotive received an aggregate sum of $0.15 million on February 28, 2012, a promissory note in the principal amount of $0.21 million in favor of Acacia Automotive on the date of agreement and finally the balance of $1.1 million on July 31, 2012. The transaction is subject to execution of non-competition agreement and is expected to close on or before August 20, 2012. Holly Hubenak acted as legal advisor for Acacia Automotive.
Southern Vehicle Auctions, Inc. completed the acquisition of the assets of Augusta Auto Auction, Inc. from Acacia Automotive, Inc. (OTCPK:ACCA) on July 31, 2012.
Acacia Diversified Holdings, Inc. is a diversified holding company. The Company focuses on conducting its business operations through its subsidiaries, such as MariJ Pharmaceuticals, Inc. (MariJ), and Canna-Cures Research & Development Center, Inc., in which it focuses on including the operations of the MariJ Agricultural and Canna-Cures entities. MariJ focuses on the extraction and processing of high-cannabidiol (CBD)/low-tetrahydrocannabinol (THC) content medical grade cannabis oils from medical cannabis plants. MariJ has a mobile cannabis oil processing and extraction unit designed into a heavy-duty vehicle. The unit is engaged in the extractions and processing of medical organic hemp into oils at various sites, and is developing additional contracts for services. The Company, through Canna-Cures Research & Development Center, Inc., focuses on research and development activities, as well as retail and wholesale distribution of medical cannabis products and dietary supplements.
ACACIA DIVERSIFIED HOLDINGS, INC. 