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Item 1.01 Entry into a Material Definitive Agreement. On February 25, 2005, Asante Technologies, Inc. ("Asante") entered into an Agreement and Plan of Acquisition (the "Agreement") with TechnoConcepts, Inc. Pursuant to the Agreement, TechnoConcepts will acquire all of the assets and business of Asante and substantially all of the liabilities of Asante in exchange for 1,111,111 shares of Techno Concepts' restricted common stock, valued, for purposes of this transaction, at $4.50 per share for an aggregate value of $5 million.. In addition, the Agreement includes a two year earn-out provision whereby TechnoConcepts will issue additional shares of its restricted common stock worth $1,500,000 in each year of 2005 and 2006 if certain revenue goals are achieved.
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Asante Layer 3 Gigabit Ethernet Switches Enable Affordable and Easy Upgrade for Rural School District Thursday February 24, 12:00 pm ET Washington Schools Save 75% When Choosing Asante Switches
SAN JOSE, Calif.--(BUSINESS WIRE)--Feb. 24, 2005--The opportunity to jump from a T1 to 100 Mbps Ethernet connection for just a few dollars more doesn't come around often, so when it did, the IT staff at North Kitsap School District (NKSD) in Washington leaped at the chance. But an upgrade of this magnitude presented a financial challenge to this rural school district, until they were introduced to Asante's IntraCore® IC35516 family of Layer 3 Gigabit Ethernet switches, which saved them 75% over competing products while providing them with even more product features.
-------------------- Don't envy the happiness of those who live in a fool's paradise.
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