ForceField Energy Inc. completed the acquisition of ESCO Energy Services Co., Inc. from Mitchell Barack for $13.2 million.
The parties entered into an agreement on October 17, 2014. Lawrence Nusbaum of Gusrae Kaplan Nusbaum PLLC acted as legal advisor for ForceField. James E. Abbott of Seward & Kissel LLP acted as legal advisor for Mitchell Barack.
ForceField Energy Inc. (NasdaqCM:FNRG) completed the acquisition of ESCO Energy Services Co., Inc. from Mitchell Barack for $13.2 million on October 17, 2014. Under the terms of the purchase agreement, ForceField acquired all the outstanding equity in ESCO for total consideration of $7.5 million which included $1 million in cash, the issuance of o.37 million restricted common stock in amount of $2.5 million and the issuance to the selling shareholder of two secured notes which includes a $2.1 million note bearing interest at 6.02% due in April 2016, and a $1.1 million note due on November 16, 2014. The sellers are also entitled to earnout contingent payments of $5 million during the period commencing from closing to June 30, 2017.