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| AACS.OB > SEC Filings for AACS.OB > Form 8-K on 5-Oct-2009 | All Recent SEC Filings |
5-Oct-2009
Completion of Acquisition or Disposition of Assets, Financial Sta
On September 29, 2009, American Commerce Solutions, Inc. ("ACS") entered into an agreement with Public Acquisition Company, Inc. ("PAC") which is owned by a shareholder of ACS, to sell the fiberglass subsidiary, Chariot Manufacturing, Inc. ("Chariot") for $2,000,000. PAC has issued ACS a one year term note of $1,009,792, which may be settled in cash or stock, and assumed $990,208 liabilities.
Copies of the following documents are attached hereto as exhibits 10.1 - 10.2:
Agreement for Sale and Purchase, and Promissory Note.
Financial Statement Information
The disposed financial information is shown as Exhibit 10.3. Incorporated by reference is the Company's Form 10K and Form 10Q as filed with the Securities and Exchange Commission on June 15, 2009 and July 20, 2009, respectively, which shows the sale of Chariot as a discontinued operation.
(c) Exhibits
10.1 Agreement for Sale and Purchase
10.2 Promissory Note
10.3 Disposed of Financial Information
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