SED International Holdings, Inc. filed a motion in the US Bankruptcy Court for the sale of its subsidiary SED International de Colombia, S.A.S and cancellation of auction on February 21, 2017. The debtor seeks the Court’s approval for the sale of all shares of its subsidiary SED International de Colombia, S.A.S to Purplish Flower for a gross sale price of $1.2 million. As per the motion Debtors received only one competing offer for the Shares. That offer, from Purplish Flower, was for a gross sale price of $1.2 million or twice the purchase price set forth in the Ark Agreement. The Purplish Flower Agreement was submitted with the understanding that the Debtors would cancel the proposed Auction and seek the approval of the Purplish Flower Agreement as a private sale.