EssEssig Research Inc. agreed to acquire PLM Product Line from SofTech, Inc. (OTCPK:SOFT), Workgroup Technology Corporation and Information Decisions, Inc on August 24, 2016. Under the terms of the agreement Essig Research will pay $3.25 million plus contingent payments based on revenue in the two years immediately following the closing of the transaction. In the first twelve month period, if the revenue exceeds $3.2 million the contingent payment would equal $0.075 million plus 12.5% of any amount in excess of $3.275 million. The same formula applies for the second year except the revenue threshold for that period is $3.75 million. Under the terms Essig Research will deposit $0.1625 million in escrow as per the escrow agreement to be negotiated by the parties, $1.15 million of softech's debt will be waived off and SofTech will repurchase 0.11 million shares from Joseph P. Daly. In the event of termination of agreement in case of superior offer Essig shall be paid a fee of $0.2 million, payable as follows, $0.05 million immediately upon acceptance of the superior offer and $0.15 million pursuant to a promissory note in form and substance acceptable to Essig. The transaction is subject to the approval of SofTech’s shareholders, third party approvals, execution of license agreement, services agreement, assignment agreement for registered trademarks and escrow agreement and other customary closing conditions. SofTech’s Board of Directors has unanimously approved the transaction and recommended that the Company’s shareholders vote in favor of the transaction. The transaction is not subject to any financing condition. The acquisition is expected to occur by October 2016. Adam D. Page of Finneran & Nicholson, P.C. acted as legal advisor for Softech. Essig Research, Inc. completed the acquisition of PLM Product Line from SofTech, Inc. (OTCPK:SOFT), Workgroup Technology Corporation and Information Decisions on October 14, 2016.