USA: William Tice Withdraws From Purchase, Tice to Sell Assets
Due to continuing operating losses at TES, management of Tice Technology, Inc. had previously decided to either sell the assets of TES or curtail operations. On June 29, 2001, the Company announced that it had entered into a letter of intent to sell the TES business to William A. Tice. The transaction, conditional upon the securing of working capital funding by Mr. Tice, was expected to close in August 2001. The Company would have retained ownership of its patented Electronic Gearing Technology, allowing Mr. Tice the rights to utilize the technology under license. In addition, Mr. Tice would have licensed the rights to the revolutionary FS-2000 felling machine. The Company would have sold Mr. Tice the inventory, property, equipment and patents related to TES's traditional product lines, and the Company was to have received approximately 4,500,000 common shares of Tice Technology and the transfer of approximately $750,000 of debt obligations to Mr. Tice as part of the transaction.
Upon the decision by Mr. Tice, management immediately ceased all manufacturing and research and development activities, and reduced headcount and other overhead costs. Additionally, the Company has begun seeking other potential buyers of the assets, technology or the business. The Company laid off eight employees as a result of Mr. Tice's withdrawal of the offer to purchase the assets.
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