Hillair Capital Investments L.P., managed by Hillair Capital Management LLC entered into a term sheet agreement to acquire substantially all assets from PFO Optima, LLC, PFO MCO, LLC and PFO Technologies, LLC, Pro Fit Optix, Inc. and PFO Global, Inc. for $7.5 million.
February 06, 2017
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Hillair Capital Investments L.P., managed by Hillair Capital Management LLC entered into a term sheet agreement to acquire substantially all assets from PFO Optima, LLC, PFO MCO, LLC and PFO Technologies, LLC, Pro Fit Optix, Inc. and PFO Global, Inc. (OTCPK:PFGB) for $7.5 million on February 7, 2017. As on April 21, 2017, the parties entered into an asset purchase agreement. Under the terms of the agreement, the debtors will receive a break-up fee of 0.15 million if the Hillair is not the winning bidder at the auction. The transaction is subject to the approval to the bankruptcy court and signing of the definitive agreement. A hearing is scheduled on April 3, 2017 for approving the transaction. The transaction was approved by the bankruptcy court on April 25, 2017. Rosa R. Orenstein of Orenstein Law Group, P.C. acted as the legal advisor to PFO Global and Adam H. Friedman and Jonathan T. Koevary of Olshan Frome Wolosky LLP acted as the legal advisors to Hillair Capital Management in this transaction.
PFO Global, Inc. manufactures and delivers complete eyewear, prescription lenses and related services to the managed care insurance industry. It distributes distortion free polycarbonate lenses under the Resolution brand name. The Companyâs products include SmartCalc and SmartEyewear. SmartCalc proprietary software used to manufacture fully digital lens designs. Certain Company lenses are produced following the SmartCalc software calculation. SmartEyewear Online Ordering System a business-to-business online ordering software system which allows eye care providers to quickly provide all necessary information for each patientâs eyewear package and unique use. It integrates the optical provider directly with lab system. The Company utilizes this system for all of its electronic ordering.
Hillair Capital Investments L.P., managed by Hillair Capital Management LLC entered into a term sheet agreement to acquire substantially all assets from PFO Optima, LLC, PFO MCO, LLC and PFO Technologies, LLC, Pro Fit Optix, Inc. and PFO Global, Inc. for $7.5 million.
PFO GLOBAL, INC. 
