Carlsbad-based Sub Surface Waste Management of Delaware Inc. (OTCBB: SSWM) announced today that the company has issued a term sheet for the merger/acquisition of an environmental transportation services company operating in the Southwestern United States.
The term sheet was issued for a total of $2.5 million in cash, stock and long term notes including a multi-year employment agreement for the current president. The purchase price is subject to final audited financial statements of the target company.
Under the terms, SSWM would acquire the outstanding stock of the company in a merger/acquisition where the company would operate as a subsidiary of SSWM. The acquisition is a San Diego county based transportation company involved with building materials transportation and contaminated soil disposal. Annual sales in 2006 were approximately $10 million. The parties are working jointly to complete the formal acquisition within 30 days.