Summary
TASER International, Inc. (now Axon Enterprise, Inc.) has filed an 8-K report detailing the acquisition of key assets from Taser Technologies Inc. and Electronic Medical Research Laboratories (dba Tasertron), along with certain patents owned by Barnet Resnick. This strategic move, completed on June 26, 2003, involved acquiring tangible and intangible assets, including intellectual property, but excluded accounts receivable. The total purchase price for these assets was $1,000,000, payable in installments with the latter payments secured by a letter of credit. The acquisition was funded through existing cash reserves and was the result of an arms-length negotiation.
Key Highlights
- 1TASER International acquired significant assets and intellectual property from Taser Technologies Inc. and Tasertron.
- 2The acquisition was completed on June 26, 2003, for a total purchase price of $1,000,000.
- 3The purchase price is structured as $500,000 at closing, with $250,000 due on October 1, 2003, and $250,000 on January 2, 2004.
- 4The deferred payments are secured by an irrevocable letter of credit.
- 5The acquisition was funded using TASER International's existing cash reserves.
- 6This transaction aims to resolve the Taser trademark litigation with Electronic Medical Research Laboratories, d.b.a. Tasertron, through a stipulation of dismissal.
- 7The acquired physical assets will be used to continue the Tasertron business on a limited scale during a wind-down phase.