PALM CITY, Fla., March 22, 2016 (GLOBE NEWSWIRE) -- CPSM, Inc. (OTCQB:SWMM) the Florida based pool & spa industry aggregator today announced the final cost of the purchased assets of Sundook Advanced Pool Services LLC and Lighthouse Pool Supply Inc.
On December 7, 2015 CPSM, Inc. announced it had agreed to purchase the assets of Stuart, FL based Sundook’s Advanced Pool Services LLC and their sister company, Lighthouse Pool Supply Inc. for cash and stock. The total value of the transaction will not exceed $215,000. At closing, CPSM Inc. paid the Seller $165,000 and 417,000 common shares of CPSM, Inc. valued at $25,000 that are restricted per Rule 144. An additional $25,000 was escrowed pending an audit of customer account retention after thirty days.
At the conclusion of the audit per the agreement, CPSM released an additional $10,000 but cancelled the issuance of the 417,000 shares. CPSM subsequently sold the remaining assets of Lighthouse Pool Supply for $17,500 with the condition that the buyer sign a five year non-compete agreement. The total net cost to CPSM was $157,500.
Lawrence Calarco, Chairman of CPSM, Inc. stated, “We are very happy how this acquisition turned out. CPSM added a significant number of new customers to its contiguous service area without suffering any shareholder dilution. We gained market share and minimized the potential for future competition. ”
CPSM, Inc. is a publicly held company serving the surging pool / spa maintenance, design, and construction industry.
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