Onar completes sale of legacy assets in $1.5M seller-financed transaction

ONAR (ONAR) Holding announced that its subsidiary, ONAR, LLC, completed the sale of substantially all of the assets of VMED Services which conducted operations under the Company’s healthcare-focused ‘Of Kos’ agency brand to VMED Consulting pursuant to a definitive Asset Purchase Agreement. Key terms of the transaction include: Stated purchase price: The transaction provides for a promissory note in the principal amount of $1,500,000 issued by VMED Consulting in favor of ONAR. Payment structure: The note provides for monthly payments commencing on the first day of the month following the closing, with a final maturity/balloon payment due on the sixth anniversary of the closing date. The note bears interest and includes other terms and conditions as outlined in the definitive transaction documents. Credit support: The note is secured by collateral and is supported by a personal guaranty. Assets included/excluded: The Assets include business operations and goodwill, client relationships and contracts, accounts receivable, and certain intellectual property and other assets. The agreement expressly excludes intellectual property related to the brand name “Of Kos,” including associated logos, websites, domain names, trademarks, service marks, and marketing materials.