Fusion Corporate Partners

The Fusion Team have completed over 70 digital and media transactions for its private, corporate and private equity clients. For more information contact pkelly@fusioncorp.co.uk or visit our website
 
ACQUISITION 
FDN Database Reference:  F231109-298
 
Acquirer:  The managers of the Promotions.com business, who prior to the closing were employees of the Company
ACQ Web:  http://www.promotions.com
Location:  USA, New York, NY
Region:  North America
Description:  Interactive services provider for marketers, agencies, and media companies
Category:  Marketing
 
Vendor:  TheStreet.com TSCM
Vendor Web:  http://www.thestreet.com
Location:  USA, New York, NY
Region:  North America 
Description:  American financial news, stock quotes and picks website
Category: Media, Finance
Contact 1:  Jim Cramer, chairman
Contact 2:  Daryl Otte, CEO
 
Aprox. Value:  $3.1M ($1M cash, $2.1M notes)
 
Details:  TheStreet.com has sold Promotions.com for an aggregate price of approximately $3.1 million. The purchaser is a company owned by the managers of the Promotions.com business, who prior to the closing were employees of the Company.  In connection with the Sale, the Company received a payment of $1.0 million in cash and notes in an aggregate principal amount of approximately $2.1 million.  The notes are payable in six equal monthly installments commencing April 1, 2010.  The Company was granted a security interest in the securities and assets of the Promotions.com business until the notes are fully paid, and one of the notes (with a principal amount of $0.3 million) is guaranteed by the principals of the Purchaser.  In the event that, prior to December 18, 2011, there is a change in control of the Purchaser or all or substantially all of the assets of the Promotions.com business are sold for a consideration  in excess of the Sale Price, the Company will be entitled to receive an additional payment from the Purchaser, equal to 50% of such excess if the event occurs on or before December 18, 2010 and 25% of such excess if the event occurs after December 18, 2010 and prior to December 18, 2011.
 
Link: Regulatory Filing