| Good Look? CirTran Buys Advanced Beauty Solutions |
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| Written by Mike Buetow | |||
| Wednesday, 14 June 2006 04:55 | |||
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SALT LAKE CITY -- CirTran Corp., a full-service EMS firm, has closed and received bankruptcy court approval to purchase almost all assets of Advanced Beauty Solutions for a total of $2.31 million. Iehab J. Hawatmeh, CirTran's founder and President, said an Last week's agreement covers ABS's flat iron and hair dryer product inventory, intellectual property, customer lists, a 30-minute infomercial and trade secrets. CirTran will pay ABS $1.125 million in cash at closing, and will reduce its approved claim in the bankruptcy against ABS by $750,000. CirTran will pay the balance to ABS as a guaranteed royalty over two years. ABS had defaulted on a manufacturing agreement with CirTran under which the EMS firm was to build hair dryer kits. Through October 2005, CirTran had shipped about $4.75 million worth of product to ABS, for which it had received payments of $788,000. In November, CirTran repossessed approximately $2.34 million worth of product from ABS and began selling those products directly. In January, CirTran sued ABS, claiming breach of contract and fraud. At the same time, ABS filed for Chapter 11. The bankruptcy court last week approved of the sale of ABS's assets to CirTran.
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