7 Subsequent Event Sale of Substantially All of the Assets of the Business
7. Subsequent Event — Sale of Substantially All of the Assets of the Business Sample Clauses
7. SUBSEQUENT EVENT — SALE OF SUBSTANTIALLY ALL OF THE ASSETS OF THE BUSINESS. On December 5, 2008, Advanced Combustion Technology, Inc. signed a definitive agreement with Fuel Tech, Inc. (Fuel Tech) whereby Fuel Tech would acquire substantially all of the assets and assume certain liabilities of the Company for approximately $22,000 in cash plus performance-based contingent payments. We believe the addition of our nitrogen oxide (NOx) control systems, including low-NOx burners and over-fire air systems, will strengthen Fuel Tech’s position in the combustion modification market and will provide the new combined entity with a total technical solution for NOx control from the burner to the stack. In addition, this acquisition should provide a natural conduit for potential follow-on business from those clients requiring deeper emission reductions that can only be satisfied with post-combustion NOx controls.