Allin Corp. (ALLN: OTC Link) | Allin Corporation Announces Sale of Operating Assets of Allin Consulting of Massachusetts, Inc. to Portal Solutions of Massachusetts, LLC

OTC

Allin Corporation Announces Sale of Operating Assets of Allin Consulting of Massachusetts, Inc. to Portal Solutions of Massachusetts, LLC

Jun 26, 2012

OTC Disclosure News Service

Pittsburgh, PA –

 

 

Allin Corporation Announces Sale of Operating Assets of Allin Consulting of Massachusetts, Inc. to Portal Solutions of Massachusetts, LLC                                      

 

Tuesday, June 26, 2012

For Immediate Release

 

Pittsburgh, PA:  Allin Corporation (“Allin”) announced today that on June 20, 2012, Portal Solutions of Massachusetts, LLC, a subsidiary of Portal Solutions, LLC, acquired the Microsoft IT consulting and solutions operations of Allin’s business unit, Allin Consulting of Massachusetts, Inc. (“Allin Consulting-MA”), located in Wakefield, Massachusetts, for $250,000 cash in an asset purchase agreement.  Approximately 15 employees from Allin Consulting-MA will join Portal Solutions’ business.  There was no prior business relationship among the parties to the transaction or their affiliates.

The purchase price is subject to adjustment for expenses paid by Allin related to the operations of the business subsequent to the closing of the transaction, and the assumption by Portal Solutions of certain liabilities related to the operations of the business.  An estimate of the adjustments was made prior to closing, with final adjustments to be determined within sixty days of the closing.  Allin Consulting-MA retains the cash and accounts receivable of the business as of the closing date.  Additionally, pursuant to the agreement, a total of $65,000 will be held in escrow for at least sixty days following the closing, pending determination of the landlord operating expenses attributable to Allin Consulting-MA under the lease for the Wakefield office space and the retention of key employees by Portal Solutions.

For a period of three years following the closing, neither Allin nor Allin Consulting-MA may solicit, sell to or provide services to any customer of the operations acquired by Portal Solutions.  Allin and Allin Consulting MA are also prohibited from interfering with any such customer’s business relations with Portal Solutions during this period.  Additionally, for three years following closing, neither Allin nor Allin Consulting-MA may solicit employees, contractors or consultants to discontinue an existing relationship with Portal Solutions, unless such individual has been six months removed from the relationship with Portal Solutions.  

 

 

About Allin Corporation

               Allin Corporation is a leading provider of interactive application development, interactive technology platforms and technology consulting services. Allin Interactive, based in Fort Lauderdale, Florida, specializes in deploying turn-key integrated interactive television and interactive mobile applications to the hospitality marketplace through its DigiHD™ and DigiMobile™ platforms using Allin’s innovative browser-based DigiManager™ content management solution.  Allin leverages its experience and custom development capabilities to deliver the most functionality and flexibility of any ITV solution in the world.  Allin maintains offices in Pittsburgh, Pennsylvania and Ft. Lauderdale, Florida.  For additional information about Allin, visit its Internet site on the World Wide Web at Allin.com.

 

INVESTOR CONTACT:              

 

Dean C. Praskach                                                           Phone:               (412) 928-8800

Chief Financial Officer                                                  Telefax:               (412) 928-0225

Allin Corporation                                                           E-mail:                 Dean.Praskach@allin.com

The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.

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