Keith Witter signed a non binding letter of intent to acquire pharma licensing/transfer, global licensing and knowledge express operating divisions of Innovaro, Inc. (AMEX:INV) for $2 million on June 4, 2012. Under the terms of the transaction, the purchase price will be paid in installments over nine months along with a commission for client leads provided by Innovaro to buyer and vice versa. A definitive agreement is expected to be signed on August 4, 2012, subject to customary conditions, including negotiation of mutually agreeable terms, satisfactory completion of due diligence and the buyer securing financing. Keith Witter signed an agreement to acquire pharma licensing/transfer, global licensing and knowledge express operating divisions of Innovaro, Inc. (AMEX:INV) for $2 million on September 12, 2012. Under the terms of the agreement, Keith Witter shall pay $2 million consisting of a lump-sum payment of $0.6 million on the closing, assumption of approximately $0.07 million of Innovaro's debt relating to the Divisions, quarterly payments of $0.1 million through August 2014, and the remaining balance of the purchase price on September 1, 2014. On November 30, 2012, any outstanding balance of the purchase price will begin accruing interest at 5% per annum. The transaction is expected to strengthen the balance sheet of Innovaro. Robert Warchola of Shumaker, Loop & Kendrick, LLP acted as legal advisor for Innovaro.