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TROY Group, Inc.
TROY Group, Inc. Announces Sale of ACH Software Product Line
January 28th, 2008
TROY Group, Inc. (Pink Sheets: TROY) announced the sale of its ACH Software Product Line to a significant financial services provider. The purchase price was $1.5 million, which includes contingent consideration of $0.4 million and the assumption of liabilities of approximately $2.3 million. The sale will result in a pretax gain of approximately $3.0 million assuming the contingent consideration is collected.
The Company's ACH Software Product Line, which includes server based software for originating and processing ACH transactions, generated $633,000 in revenue during fiscal 2006 and $276,000 in revenue for the first three quarters of fiscal 2007. Cash after reduction...
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Source: Computer Weekly News (2008-01-28)