ADVANSOURCE BIOMATERIALS CORP : Completion of Acquisition or Disposition of Assets, Change in Directors or Principal Officers, Other Events, Financial Statements and Exhibits (form 8-K)

Item 2.01. Completion of Acquisition or Disposition of Assets.

As previously disclosed by AdvanSource Biomaterials Corporation, a Delaware corporation (the "Company"), in its Current Report on Form 8-K filed with the Securities and Exchange Commission (the "SEC") on December 2, 2019, and in its definitive proxy statement on Schedule 14A filed with the SEC on December 30, 2019, on November 25, 2019, the Company and Mitsubishi Chemical Performance Polymers, Inc., a Delaware corporation ("Buyer"), entered into an Asset Purchase Agreement (the "Purchase Agreement"), pursuant to which the Company agreed to sell substantially all of its assets to Buyer in exchange for $7.25 million on the terms and subject to the conditions set forth in the Purchase Agreement (the "Asset Sale").

On January 31, 2020, the Company completed the Asset Sale and at the closing of the Asset Sale the Buyer paid the Company a cash payment of $7.25 million, a portion of which was used to satisfy certain obligations of the Company, as specified in the Purchase Agreement.

The foregoing description of the Asset Sale does not purport to be complete and is qualified in its entirety by reference to the full text of the Purchase Agreement, which was filed as Exhibit 2.1 to the Company's Current Report on Form 8-K, which was filed with the SEC on December 2, 2019 and is incorporated herein by reference.

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

In connection with the consummation of the Asset Sale, on February 3, 2020, Khristine Carroll resigned as the Company's Executive Vice President - Commercial Operations.

Item 8.01. Other Events.

On February 3, 2020, the Company issued a press release announcing the completion of the Asset Sale. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

 (d) Exhibits.

The exhibit listed in the following Exhibit Index is filed as part of this current report.

Exhibit No.   Description
99.1            Press Release dated February 3, 2020.




                                       1

© Edgar Online, source Glimpses