NOTE 16 – ASSETS HELD FOR SALE



On April 5, 2019, the Company sold its Suttle FutureLink™ Fiber business line, including inventory, equipment, and customer relationships, to PPC Broadband Inc. (“PPC”).  The transaction was structured as an Asset Purchase Agreement with a simultaneous signing and closing.  The sale price was $5,000,000 cash. The proceeds will be used for general corporate purposes.  Concurrent with the closing of the transaction, Suttle and PPC entered into a Transition Services Agreement under which Suttle will continue to manufacture products related to the FutureLink™ Fiber business line until September 30, 2019, to ensure seamless supply to the customer base.  Inventory and capital equipment sold under the agreement have been recorded as current and non-current assets held for sale at March 31, 2019.