Australian clean technology company Pure One Corporation (ASX:P1E) has entered into a binding term sheet to sell its entire 40% equity interest in Turquoise Group.
The sale, structured as a conditional share buy-back, is valued at $5 million, with $3.5 million payable on completion and the remaining $1.5 million due within 12 months, subject to possible extension with 15% interest per annum.
The transaction, which is expected to completed within 90 days pending standard legal, tax, and funding conditions, represents a strategic exit from a non-core investment.
Pure One anticipates a profit of approximately $3.4 million from the sale.
Upon completion of the initial payment, all existing agreements between the companies will be terminated, and Pure One will no longer hold any ownership in Turquoise Group.