Agreement Regarding Final Closing Date Pro Forma Asset Value List Between Telect, Inc. and Thomas & Betts Entities

Contract Categories: Business Finance › Purchase Agreements
Summary

Telect, Inc., Thomas & Betts Corporation, and Thomas & Betts International, Inc. have agreed on the final asset values as of the closing date under their Asset Purchase Agreement dated March 6, 2000. The agreement confirms the final list and total value of assets transferred, including inventory, fixed assets, and intellectual property, with a final purchase price of $10,047,054. Telect is owed $894,426. Additionally, four Steinwall molds will become Telect's property as of September 15, 2000, with Thomas & Betts responsible for notifying Steinwall of the ownership change.

Read More Arrow
EX-2.2 3 v65102a1ex2-2.txt EXHIBIT 2.2 1 EXHIBIT 2.2 AGREEMENT RE FINAL CLOSING DATE PRO FORMA ASSET VALUE LIST AND RELATED TOTAL VALUE Telect, Inc., Thomas & Betts Corporation and Thomas & Betts International, Inc., hereby agree that in accordance with Section 2(f) of the Asset Purchase Agreement dated March 6, 2000, Exhibit A hereto represents the final determination of the Closing Date Pro Forma Asset Value List and related Total Value. DATED: August _____, 2000. TELECT, INC. THOMAS & BETTS CORPORATION By:_______________________________ By:_____________________________________ Name: ____________________________ Name: __________________________________ Title:____________________________ Title:__________________________________ THOMAS & BETTS INTERNATIONAL, INC. By:_____________________________________ Name: __________________________________ Title:__________________________________ 2 EXHIBIT A FINAL CLOSING DATE PRO FORMA ASSET VALUE LIST AND RELATED TOTAL VALUE
---------------------------------------------------------------------- DESCRIPTION AMOUNT ---------------------------------------------------------------------- Attleboro $ 2,463,985 Firestation/Monterrey 2,645,083 Sparks 223,460 Bromont/Canada 64,809 After-discovered Inventory 372,237 ----------- Total Inventory 5,769,574 Fixed Assets 266,480 Intellectual Property 4,011,000 ----------- Total Final Purchase Price (Total Value) 10,047,054 Total Original Purchase Price 10,941,480 ----------- Amount Due Telect $ 894,426 ===========
*There are four (4) Steinwall molds currently being shared by Telect and T&B. As of September 15, 2000, the molds will be Telect's sole and separate property. T&B will advise Steinwall of the change in ownership.