SpendSmart Networks, Inc. (OTCPK:SSPC) entered into asset purchase agreement to acquire web related assets from TechXpress, Inc. for $1.2 million in cash and stock on September 18, 2014. Under the terms, SpendSmart Networks will issue 0.6 million shares and pay up-to $0.46 million of TechXpress liabilities. The shares issued will be subject to a lock up agreement which restricts from selling the shares for a period of 12 months from the closing date and upon the expiration of the Lockup Period such note holders shall not sell more than one twelfth of the number of shares of the Stock Consideration in any one of the twelve, one month periods following such Lockup Period. TechXpress will terminate all employees at closing of the transaction. SpendSmart will have the right, but not the obligation, to rehire those employees related to the web assets division. The transaction was approved by Board of SpendSmart.

Seth I. Rubin of Ruskin Moscou Faltischek acted as legal advisor to SpendSmart. Linda Somers Smith of Duggan Smith & Heath LLP acted as legal advisor to TechXpress and Bryan Sarlitt.

SpendSmart Networks, Inc. (OTCPK:SSPC) completed the acquisition of web related assets from TechXpress, Inc. on September 18, 2014.