Encore Holdings, LLC acquired substantially all the assets of TechforLess LLC from ModusLink Global Solutions, Inc. for $1.6 million.
January 14, 2013 at 09:30 am IST
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Encore Holdings, LLC acquired substantially all the assets of TechforLess LLC from ModusLink Global Solutions, Inc. (NasdaqGS:MLNK) for $1.6 million on January 11, 2013. For the year ended July 31, 2012, TechforLess had operating loss of $11 million and sales of $25.9 million. Post acquisition, Rick Parker will become the President of TechforLess LLC and Robert Irwin will serve as Vice President and Don Horning will also remain a partner.
Encore Holdings, LLC acquired substantially all the assets of TechforLess LLC from ModusLink Global Solutions, Inc. (NasdaqGS:MLNK) on January 11, 2013. As of January 31, 2013, ModusLink Global was paid $1.4 million of the purchase price with remaining $0.2 million to be received upon settlement of certain post-closing adjustments.
Steel Connect, Inc. is a holding company which operates through its subsidiary, ModusLink Corporation. The Company is an end-to-end global supply chain solutions and e-commerce provider serving clients in markets such as consumer electronics, communications, computing, medical devices, software and retail. The Company designs and executes various elements in its clients global supply chains. The Company delivers its solutions through a combination of industry expertise, service solutions, integrated operations, business processes, a wide global footprint and technology. It produces and licenses an entitlement management solution powered by its enterprise-class Poetic software, which offers a complete solution for activation, provisioning, entitlement subscription, and data collection from physical goods (connected products) and digital products. It has an integrated network of facilities located in various countries, including numerous sites throughout North America, Europe and Asia.
STEEL CONNECT, INC. 
