ADDvantage Technologies Group, Inc. completed the acquisition of all of the assets of Fulton Technologies, Inc. and Mill City Communications, Inc.
January 04, 2019
Share
ADDvantage Technologies Group, Inc. (NasdaqGM:AEY) entered into asset purchase agreement to acquire all of the assets of Fulton Technologies, Inc. and Mill City Communications, Inc. for $1.7 million on December 27, 2018. As consideration, ADDvantage Technologies will assume and pay, perform and discharge the assumed debt of $1.7 million. If the assumed debt is less than $1.7 million, the difference will be paid in cash. The consideration shall be adjusted for the working capital adjustment. A deposit of $0.5 million shall be paid. ADDvantage financed the purchase price with existing working capital. No termination fee is payable in event of termination. The assets will form a wholly-owned subsidiary of ADDvantage Technologies, operating under the name ‘Fulton Technologies’ and led by Fulton Technologies, Inc.’s existing management team. The transaction is expected to close on the later of January 4, 2019 or the first business day after all of the conditions to closing are either satisfied or waived. Hall, Estill, Hardwick, Gable, Golden & Nelson, P.C. acted as legal advisor to ADDvantage Technologies and Christopher J. Hewitt of Tucker Ellis LLP acted legal advisor to Fulton Technologies, Inc. and Mill City Communications. FOCUS Investment Banking LLC acted as financial advisor to ADDvantage Technologies Group, Inc. (NasdaqGM:AEY).
ADDvantage Technologies Group, Inc. (NasdaqGM:AEY) completed the acquisition of all of the assets of Fulton Technologies, Inc. and Mill City Communications, Inc. on January 4, 2019.
ADDvantage Technologies Group, Inc., through its subsidiaries, is engaged in wireless infrastructure services for wireless carriers, tower companies and equipment manufacturers, and distributes and services a comprehensive line of electronics and hardware for the telecommunications industry. Its segments include Wireless Infrastructure Services (Wireless) and Telecommunications (Telco). The Wireless Segment provides wireless infrastructure services for the four United States wireless carriers, communication tower companies, national integrators, and original equipment manufacturers. These services consist of the installation and upgrade of technology on cell sites and the construction of new small cells for fifth generation (5G). The Telco segment sells new and refurbished telecommunications networking equipment, including both central office and customer premise equipment. This segment also offers its customers repair and testing services for telecommunications networking equipment.
ADDVANTAGE TECHNOLOGIES GROUP, INC. 
