Their customers include many prominent and recognizable companies including over 100 hotels, 300 schools, and over 200 auto dealerships. The closing of the transaction is expected to occur on or before May 1st 2014.
Consideration for the acquisition of ALD will include a combination of cash, stock and a secured promissory note.
In addition, the transaction will include additional performance-based compensation payable only upon ALD achieving agreed revenue and performance milestones over the three years following closing.
In order to secure the exclusive opportunity to purchase ALD by May 1, 2014, ForceField made a non-refundable good-faith payment of $100,000 to ALD, $50,000 of which shall be treated by the parties as an advance on the cash portion of the purchase consideration.
The closing of the transaction is subject to ForceField obtaining additional working capital financing and other customary closing conditions.
