Under the terms of the transaction, company plans to acquire all the assets of Ion Metrics, including its mass spectrometer (MS) technology, differential mobility spectrometer (DMS) technology, ion mobility spectrometry (IMS) technology, miniature, light weight vacuum pump technology, patents, manufacturing fixtures, and other related technological capabilities.
The company will also be assuming certain specified liabilities and plans to issue two million shares of its common stock as consideration for the transaction. The acquisition is subject to the execution of a definitive purchase agreement, which is expected to occur no later than March 31, 2008, and the satisfaction of other conditions which are customary in these types of transactions.