AVSC..Completion of Acquisition or Disposition of
Post# of 15
AVSC.. Completion of Acquisition or Disposition of Assets
Supplemental Info March 1. 2013
On February 25, 2013 the issuer ceased operation of its wholly owned subsidiary, AVS Europe Ltd. and transferred all sales, support and administrative functions of the subsidiary to the issuer’s Waltham, MA headquarters. The action is not expected to result in any immediate material net gain or loss for the issuer and is projected to reduce operating expenses by approximately $300,000 per year in future years. A one-time charge of approximately $350,000 for loans owed to the issuer by the subsidiary will be offset by a one-time gain of approximately $350,000 associated with forgiveness of said debt. The issuer’s workforce was reduced by 5 employees as a result of the action. No material changes in clients, revenue or other activities are anticipated as a result of the action.
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