Colt has agreed that it will exchange 20% of its Newco shares in consideration for the issuance of 5 million common shares of Luxor upon Newco generating $ 10 million in net sales and will exchange the remaining 20% of its Newco shares to Luxor in consideration for the issuance of an additional 5 million common shares of Luxor upon Newco generating an additional $10 million in net sales ($20 million in the aggregate).
Upon achieving the milestones, Luxor will have the right to 100% ownership of Newco shares. Closing of the acquisitions was not conditional upon financing, however, Luxor will be required to provide additional funds in order to execute on its business plan and grow the respective businesses.
Luxor is involved in the development, engineering, manufacturing and marketing of engineered wood products and operates in three areas of activity.
