The purchase price for the sale is up to $17.5 million, subject to a post-closing working capital adjustment and earn-out in respect of 3 million common shares of Nanotech, which shares were issued at a deemed price of $1.50 per share and will be held in escrow to be released to the Company upon the achievement of certain business milestones by FOF and/or Nanotech over a five year period.
Fortress Paper operates internationally in two distinct business segments: dissolving pulp and security paper products.
