Letter of Intent Between Encorium Group, Inc. and Prologue Research International, Inc. for Acquisition
Encorium Group, Inc. and Prologue Research International, Inc. entered into a non-binding letter of intent for Encorium to acquire all shares of Prologue. Encorium paid a $500,000 non-refundable exclusivity fee, which was later amended to be credited toward the purchase price if the deal closes, reducing the total acquisition price from $13.5 million to $13.0 million. The agreement outlines the intention to proceed with the acquisition, subject to final terms and conditions.
Exhibit 10.1
On June 6, 2008, Encorium Group, Inc. (“Encorium”) entered into a non-binding letter of intent (“LOI”) with Prologue Research International, Inc. (“Prologue”), Pursuant to the LOI, the Company is to acquire all of the issued and outstanding shares of Prologue. In accordance with the terms of the LOI, upon execution of the term sheet Encorium paid $500,000 to Prologue as a non-refundable exclusivity fee. On July , 2008 Encorium entered into an amendment to the LOI pursuant to which the parties agreed that the paid $500,000 exclusivity fee previously paid by Encorium to Prologue would be credited to Encorium upon closing of the transaction, the result of which the total compensation for the acquisition was reduced from $13.5 million to $13.0 million.
