CafePress to Acquire Land, Building in Louisville, KY for $1.8M - Land.Net News
On October 9, 2015, CafePress Inc. (NASDAQ: PRSS) entered into a purchase agreement (the "Purchase Agreement") with Hameron Properties I LLC (the "Seller") for the purchase of approximately 1.6 acres of land and an on-site building with approximately 25,000 square feet located in Louisville, Kentucky, which the Company expects to use for its corporate offices.
Under the Purchase Agreement, the Company will pay the Seller a total purchase price of $1.8 million, with $1.65 million due upon closing, and the remaining $150,000 due after the completion of certain post-closing conditions, including the receipt of governmental approvals. The Purchase Agreement also contains certain representations and warranties of the Company, and provides for a due diligence period of sixty (60) days from the effective date. Closing is expected to occur within thirty (30) days after the completion of the due diligence period.
The foregoing descriptions of the Purchase Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of such agreement incorporated by reference to Current Report on Form 8-K as Exhibit 10.1.