Oncologix Tech, Inc. (OTCPK:OCLG) acquired Esteemcare Inc. from Madhu Mathew Mammen and Imad Siddiqui for $0.5 million on September 25, 2014. As part of the acquisition, Oncologix will pay cash consideration of $0.4 million and the balance $0.1 million in secured promissory note payabale in twelve monthly installments beginning on October 15, 2014. Madhu Mathew Mammen will receive cash consideration of $0.3 million and $0.08 million in note, whereas Imad Siddiqui will receive $0.1 million in cash and $0.03 million in note. The transaction also includes acquisition of Affordable Medical Equipment Solutions Inc., which is a wholly owned subsidiary of Esteemcare.

In connection with this acquisition, Oncologix drew down a second tranche from its senior secured lender in the amount of $1.2 million. Under the terms of the Agreement, Harold Halman was appointed President and Chief Operating Officer, Michael A. Kramarz was appointed Chief Financial Officer, and Roy Wayne Erwin was appointed Chief Executive Officer of Esteem. There were no changes to the officers or Directors of the Oncologix. The deal is subject to regulatory approval, execution of the ancillary agreements and legal, financial and commercial due diligence. Daniel G. McKay of Eaton Peabody acted as legal advisor to Madhu Mathew Mammen and Imad Siddiqui. David M. Barbash of Posternak Blankstein & Lund LLP acted as legal advisor to Oncologix.

Oncologix Tech, Inc. (OTCPK:OCLG) completed the acquisition of Esteemcare Inc. from Madhu Mathew Mammen and Imad Siddiqui on September 25, 2014.