Transbotics (OTCBB: TNSB), a manufacturer of robotic vehicles and related technology, is being sold.
Nova-Tech Engineering is acquiring “substantially” all the assets of the Charlotte-based firm. Financial details were not disclosed.
Nova-Tech also provided a loan of $500,000 to Transbotics for operations while the transaction is closed. Additionally, Nova-Tech will assume almost all of Transbotics’ liabilities.
“The sale of the company’s assets to a much larger engineering firm like Nova Tech will not only bring financial stability to the company’s [automatic guided vehicles] and automation business, but will allow the business to go after much larger automation projects due to Nova Tech’s size and extensive project management experience,” said Transbotics Chief Financial Officer Claude Imbleau in a statement.
Nova-Tech is based in Washington state.