MetroBridge Announces Sale of Phoenix Assets
METROBRIDGE NETWORKS INTERNATIONAL INC.
45 West 7th Avenue Vancouver, British Columbia V5Y 1L4 Tel. No. (604) 628-1240 ♦ Fax No. (604) 628-2650
MetroBridge Announces Sale of Phoenix Assets
Vancouver, British Columbia – June 25, 2010 – MetroBridge Networks International Inc. (the “Company”) announces that its wholly owned subsidiary, MetroBridge Networks U.S.A. Corp. (“MetroBridge USA”) has completed the sale of its assets, including but not limited to, its customer contracts and its network equipment related to its service of providing high-speed broadband internet access in Phoenix, Arizona. The assets were sold pursuant to an asset purchase agreement (the “Agreement”) between Sparkplug Southwest, LLC and MetroBridge USA dated as of May 20, 2010. The total purchase price for the assets was US$320,000, of which US$250,000 was paid upon completion of the transaction and US$70,000 will be paid by a promissory note due on June 15, 2011 and bearing interest at 9.5% per annum, subject to reduction in certain circumstances. A portion of the proceeds of the sale of assets were used to release MetroBridge USA’s capital lease obligations pursuant to the terms of the Agreement.
For further information please contact:
Martin Bajic, Chief Financial Officer Tel: (604) 628-1240 Fax: (604) 628-2650
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