NETtime Solutions Inc.

• Public
• US

Dow Jones Description

The Company was incorporated under the laws of Nevada in 1988. Until June 28, 1996, it was engaged in the business of developing and marketing fragrances, cosmetics, skin treatment and personal care products. Sale of Assets. On June 28, 1996, effective for accounting purposes as of June 30, 1996, the Company sold to Parlux Fragrances, Inc. ("Parlux"), pursuant to the Asset Purchase Agreement dated January 31, 1996 between the Company and Parlux, virtually all of the assets, properties and rights owned by the Company in connection with its business ("Asset Sale") in consideration for (i) $750,000 in cash, (ii) 370,000 shares of the Common Stock of Parlux ("Parlux Stock"), and (iii) the assumption by Parlux of (a) liabilities under certain leases for periods from and after the closing date, (b) liabilities of the Company set forth on the Company's balance sheet dated September 30, 1995 (but expressly excluding any liability with respect to the Company's 10% Convertible Subordinated Promissory Notes due January 15, 1996 ("Notes")) to the extent such liabilities existed on the closing date, (c) additional liabilities of the Company of the types reflected on the balance sheet as the same arose in the ordinary course of the business between September 30, 1995 and the closing date and which are reflected on the Company's closing date balance sheet, and (d) all obligations under contracts, customer orders, purchase orders, and other agreements and commitments that were included in the assets acquired by Parlux.

Chief Executive Officer

Number of Employees 34

Contact Information

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