DEKRA North America (NA), Inc. cancelled the acquisition of Just Emissions and Inspections from Speedemissions Inc..
December 04, 2015 at 11:00 pm EST
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DEKRA North America (NA), Inc. agreed to acquire Just Emissions and Inspections from Speedemissions Inc. (OTCPK:SPMI) for $1.7 million on December 5, 2014. DEKRA North America (NA), Inc. entered into a addendum to sale agreement to acquire Just Emissions and Inspections from Speedemissions Inc. (OTCPK:SPMI) on January 21, 2015. The acquired assets include testing locations in Salt Lake City, West Jordan, West Valley, Murray, Midvale, and Ogden, Utah, and will begin operations as DEKRA Just Emissions. On December 5, 2014, Speedemissions Inc. closed on the sale of the operating assets comprising five of its Utah emission testing centers to DEKRA North America (NA), Inc.in exchange for $1.4 million in cash. The parties agreed that the balance of $0.35 million on successful closing of the sale of the operating assets comprising the sixth Utah emission testing center which is anticipated to occur on or before December 31, 2014. The proceeds from the sale will be used by Speedemissions Inc. to retire existing debt, reduce accounts payable and provide working capital for future operations.
DEKRA North America (NA), Inc. cancelled the acquisition of Just Emissions and Inspections from Speedemissions Inc. (OTCPK:SPMI) on December 5, 2015.
Speedemissions, Inc. (Speedemissions) is a retail brand emissions testing and safety inspections company. The Company is operating approximately 19 stores and three mobile testing units in the Atlanta and St. Louis markets. The Company has performed over 2.5 million vehicle emission inspections and nearly 1.25 million vehicle safety inspections. Its emission testing store does not repair cars that fail the emission and/or safety inspection, nor does it offer any other repair services, such as oil changes, brakes, or mufflers. The Company is in the Atlanta, Georgia and St. Louis, MO markets. The Company also offers its customers vehicle emissions testing and repair services in convenient locations.