History (1990): Profit Technology Complete Purchase of Rodime Systems

Profit Technology, Inc. (Boca Raton, FL) announced on May 17 the completion of the asset purchase and supply agreement with Rodime PLC for the purchase of Rodime’s retail products business, Rodime Systems.

Under the terms of the closing, which took place in New York, Profit has purchased the assets of Rodime Systems from Rodime PLC, comprising principally of inventory, accounts receivable, and fixtures and fittings.

The purchase price of the assets is an estimated $8,500,000 including $1,500,000 in profit common stock, approximately $1,600,000 in deferred purchases of inventory over a 70-day period and a subordinated promissory note for $311,000.

Rodime Systems, which has been renamed Rodime Systems, Inc., will operate as a wholly-owned subsidiary of Profit, and will employ approximately 65 employees.