Emrise Corporation has signed a letter of intent to sell all of the issued and outstanding stock of CXR Anderson Jacobson S.A.S. based in France to Carmine T. and Georgeann Oliva or an entity that would be wholly owned by them, the company said.
Oliva is the former Chairman and CEO of Emrise Corporation, and he was also the President of CXR-AJ.
The proposed transaction will require further documentation including a definitive agreement setting forth the terms and conditions of the transaction. The transaction is also subject to the satisfactory completion of due diligence by the purchaser.
Further terms were not disclosed.
The transaction, if and when it is completed, will be done in connection with the company´s previously announced voluntary plan of dissolution that was approved by its stockholders at a special meeting of stockholders held on June 25, 2015. This Transaction would complete the sale of the company´s last operating business unit.