Petrone Worldwide, Inc. entered into letter of intent to acquire substantially all assets of Transpower Components Pvt. Ltd., for $1.6 million.
May 26, 2015
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Petrone Worldwide, Inc. (OTCPK:PFWI) entered into letter of intent to acquire substantially all assets of Transpower Components (India) Pvt. Ltd., for $1.6 million on May 18, 2015. Under the terms of the agreement, the consideration of $1 million shall be paid as cash down while the remaining balance of $0.6 million would apply towards a leverage buyout. All of the employees of Transpower Distributors would continue their respective employment with Transpower Distributors. The transaction is subject to due diligence and definitive agreement would be signed by May 30, 2015. The definitive agreement was subsequently extended to December 31, 2015.
Petrone Worldwide entered into a memorandum of undertaking to acquire substantially all assets of Transpower Components (India) Pvt. Ltd., for $2.7 million on October 21, 2015. Petrone Worldwide will issue 2 million shares and pay 24 equal installments of $0.033 million, commencing six months from the date on which the definitive sale agreement is executed. Pursuant to the terms of the memorandum of undertaking in October, the parties agreed to enter into a definitive sale agreement by January 5, 2016. On January 5, 2016, the parties agreed to extend the date by which a definitive agreement must be executed to April 30, 2016. Petrone Worldwide entered into a share purchase agreement to acquire substantially all assets of Transpower Components (India) Pvt. Ltd., on February 2, 2016. The transaction is expected to close on December 31, 2015.
Petrone Worldwide, Inc. (Petrone Worldwide) is an importer and distributor of commercial grade tableware products, decorative hotel guest room amenities, lavatory and bathroom fixtures and furniture, food and beverage service items, and trendy accessories for the Asian and the European marketplaces. The Company's brands include Front of the House and Room 360. Petrone Worldwide sells and markets products under its own name and acts as a distributor primarily to companies to the hospitality trade. The Company's product lines consist of hotel groups, such as Marriott Hotel Brands, The Four Seasons Hotel & Resorts, Hilton Worldwide, Hyatt Hotels & Resorts, Starwood Hotel & Resorts, and Fairmont Hotel & Resorts, and smaller hotel chains and upscale restaurants. The Company sells product lines, such as front of the house collection and room360 degree back of the house collection.
PETRONE WORLDWIDE, INC. 
