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Material Handling Headlines

Cervus Equipment Corporation (CVL - TSX Venture), ("Cervus") is pleased to announce that it has completed the previously announced acquisition of A.R. Williams Materials Handling Ltd., which sells, rents and services industrial products and equipment from 10 different locations in Alberta, Saskatchewan and Manitoba.

Cervus acquired A.R. Williams Materials Handling Ltd. for an aggregate base purchase price of $22,700,000, plus an additional amount to be equal to 70% of the pre-tax earnings of A.R. Williams Materials Handling Ltd. for the period beginning September 1, 2009 and ending December 31, 2009, which is estimated as at today's date to be approximately $500,000.

Of the total purchase consideration, 50% was paid in the form of an interest free promissory note with a maturity date of January 1, 2014, 30% was paid in the form of cash and 20% was paid via the issuance of 425,492 non-voting convertible redeemable Series 1 preferred shares of Cervus with a stated amount of CAD10.67 ($10.14) per share.

Read the whole story at zibb.com.

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