October 11, 2001 — SAN DIEGO, CA — The Majestic Companies Ltd. plans to acquire the assets and technology of Advanced Intellectural Properties, including a contamination control-related project.
Majestic has signed a binding letter of intent to purchase the San Diego-based design and development company.
Majestic, a holding company that manufactures safety-related products, will acquire the Dispenstec glove box, a hands-free glove dispenser for use in cleanroom and healthcare environements through the deal. The product is in the patent pending stage.
“The addition of AIP’s technology solutions and R&D capabilities to Majestic’s core business platform adds diversity and depth to the company’s existing line of safety products,” said Steven Rosenthal, president and COO of Majestic. “Their patent-pending products provide the company with significant future up-side revenue growth and income potential.”
The acquisition will be structured as a combination of stock and a five-year fixed-ceiling profit sharing agreement.