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| DGTC.OB > SEC Filings for DGTC.OB > Form 8-K on 17-Nov-2009 | All Recent SEC Filings |
17-Nov-2009
Other Events, Financial Statements and Exhibits
On November 12, 2009, Del Global Technologies Corp. (the "Company") announced that it had entered into an Agreement in Principle (the "Agreement") with United Marketing Group ("UMG") to transfer certain assets and the product lines of Del Medical Imaging ("DMI"), a wholly-owned subsidiary of the Company, from DMI to UMG.
The Agreement provides that UMG will:
· assume all of the Company's and DMI's post-closing obligations in connection with the Company's lease of its facilities in Roselle, Illinois;
· accept all of DMI's inventory related to the business on a consignment basis;
· hire select DMI employees and assume certain employee related liabilities; and
· assume certain other liabilities of the business, including outstanding warranty obligations.
Other than the assumption of the liabilities described above and the retention of its accounts receivables, neither the Company nor DMI will receive any additional consideration for the transfer of the assets.
The transaction contemplated by the Agreement is subject to execution of a definitive agreement among the parties and approval of the Boards of Directors of the Company and UMG. No assurances can be given that a definitive agreement will be executed.
The press release is included as Exhibit 99.1 to this report and incorporated by reference in its entirety into this Item 8.01.
(d) Exhibits
99.1 Press Release dated November 12, 2009
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