WYNIT Distribution, LLC acquired legacy distribution business of Speed Commerce, Inc. (NasdaqGM:SPDC) for $15 million on July 9, 2014. Pursuant to the agreement, $5 million of the purchase price is to be paid to Speed Commerce in cash. Up to an additional $10 million is payable to Speed Commerce under a promissory note that is secured by all of WYNIT's assets. WYNIT acquired substantially all of the assets of Navarre Distribution Services, Inc., Navarre Distribution Services, ULC,, Navarre Online Fulfillment Services, Inc., Navarre Digital Services, Inc., Navarre Logistical Services, Inc., Encore Software, Inc. and Viva Media, Inc. In connection with the sale of the assets, effective July 9, 2014, the employment of Ward Thomas was terminated in connection with his being employed by WYNIT. As part of this transaction Navarre will operate as a strategic business unit out of its headquarters in Minnesota. Speed Commerce has used the proceeds from the sale to pay down its line of credit and support the continued growth of its e-commerce business. Craig-Hallum Capital Group served as financial advisor to Speed Commerce for the divestiture. Craig S. Wittlin of Harter Secrest & Emery LLP acted as legal advisor to WYNIT. Scott J. Dongoske of Winthrop & Weinstine, P.A. acted as legal advisor to Speed Commerce.

WYNIT Distribution, LLC completed the acquisition of legacy distribution business of Speed Commerce, Inc. (NasdaqGM:SPDC) on July 9, 2014.