Mitsubishi Chemical Performance Polymers, Inc. entered into an asset purchase agreement to acquire substantially all assets of AdvanSource Biomaterials Corporation (OTCPK:ASNB) for $7.3 million on November 25, 2019. Under the terms of the transaction, Mitsubishi will also assume certain specific liabilities of AdvanSource Biomaterials Corporation, which exclude, AdvanSource Biomaterials Corporation’s trade accounts payable to third parties, liabilities arising from actions related to the operations of the business or the transferred asset, indebtedness of AdvanSource Biomaterials Corporation, and certain expenses associated with the asset sale transaction. AdvanSource Biomaterials Corporation will continue to operate its business in the ordinary course until the transaction closes. The transaction can be terminated by the mutual written consent of Mitsubishi and AdvanSource Biomaterials Corporation or if the acquisition has not taken place by March 31, 2020, by either Mitsubishi or AdvanSource Biomaterials Corporation, who is not the prime cause of the failure of the transaction consummation. Transaction is not subject to any financing condition, but is subject to satisfaction or waiver of customary closing conditions, including approval by AdvanSource Biomaterials Corporation's shareholders and execution of ancillary documents. The Board of Directors of Mitsubishi approved the transaction. The transaction was also unanimously approved by the Board of Directors of AdvanSource Biomaterials Corporation. A special meeting of the stockholders of AdvanSource Biomaterials Corporation will be held on January 21, 2020 to approve acquisition. As of January 21, 2020, the shareholders of AdvanSource Biomaterials Corporation approved the transaction. Acquisition is expected to close in January 2020. As of December 17, 2019, the transaction is expected to close in first quarter of 2020. AdvanSource Biomaterials Corporation expects that a portion of the proceeds fromthe sale of assets will be used to satisfy outstanding obligations, liabilities and expenses of AdvanSource Biomaterials Corporation. It is further anticipated that a portion of the funds will be retained to maintain AdvanSource Biomaterials Corporation as a reporting shell company and fulfill any future obligations. Jared Manes of Winston & Strawn LLP acted as the legal advisor to Mitsubishi and Barry Grossman of Ellenoff Grossman & Schole LLP acted as the legal advisor to AdvanSource Biomaterials Corporation. Mirus Securities, Inc. acted as financial advisor and provided fairness opinion to AdvanSource Biomaterials Corporation Biomaterials. AdvanSource Biomaterials Corporation engaged Kingsdale Advisors for solicitation of the proxies against a fee of $0.0075 million.