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Think Partnership Inc. has announced a new letter of intent to sell its Internet dating business to Mountains West Exploration Inc. for $21 million. More at Tampa Bay Business Journal.
If the deal closes under the stated terms, MWXI will pay $5 million in cash, a secured promissory note for $13 million and unregistered common stock of MWXI worth $3 million. The promissory note would bear a 7 percent interest rate and be payable in 12 monthly installments beginning July 1, 2007, a release said.
The aggregate purchase price would be subject to a downward adjustment of up to $6 million depending on the 2007 EBITDA performance of Cherish.
The sale includes Think Partnership’s online dating subsidiary Cherish Inc. and other direct and indirect subsidiaries that comprise nearly all of the Think Consumer market segment, including Personals Plus Inc. and Vintacom Florida Inc.
The principal activities of Mountains West is to acquire, explore and develop coal bed methane in the South Central Colorado region. Makes perfect sense, right?
Think originally signed the original letter of intent in March of 2006. Changes include a reduction in the cash changing hands from $21 million up front to $5 million plus a $13 million promissory note.
More info on the Think acquisition of Vintacom in December 2005.
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