Nexxus Lighting Confirms Expiration of Agreement to Sell Legacy Commercial and Pool Businesses
Nexxus Lighting, Inc. (NASDAQ: NEXS) confirmed that an agreement to sell certain assets of its legacy commercial and pool businesses expired at 5:00pm EDT on October 22, 2010. The Company had been approached with the opportunity to sell certain assets of its legacy commercial and pool businesses to Next Step Products LLC, a company organized by management of the two business units.
After lengthy negotiations, Nexxus entered into an Asset Purchase Agreement with Next Step on October 18, 2010. On October 22, 2010, the Purchase Agreement terminated in accordance with its terms due to Next Step's failure to fulfill all of the conditions to closing by the time frame required. Under the terms of the Purchase Agreement, Nexxus has retained $750,000 of non-refundable deposits previously made by Next Step.
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