BARNWELL INDUSTRIES INC (BRN): M&A transaction — Barnwell Industries sells Water Resources International for $1.05 million

BARNWELL INDUSTRIES INC

Purchase price $1.05M ($250K cash + $800K note); note payments due May-Sept 2025.
Seller retains excluded liabilities including pre-closing litigation and certain warranty claims.
Pro forma FY2024 net loss attributable to Barnwell improves from $5.565M to $4.106M after removing WRI.
WRI contributed $3.6M contract drilling revenue in FY2024 but segment operating costs exceeded revenue.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

BARNWELL INDUSTRIES INC completed a disposition involving Denise Miyasato, Chad Arima and Eric Elred (collectively the Buyer) for $1,050,000 (closed 2025-03-14).

Action: disposition
Counterparty: Denise Miyasato, Chad Arima and Eric Elred (collectively the Buyer)
Consideration: $1,050,000
Closing: 2025-03-14

Exact text from the filing

with the execution and delivery of the Purchase Agreement by each of the parties thereto on March 14, 2025 (the “ Closing Date ”). The aggregate purchase price for the Shares is $1,050,000 (the “ Purchase Price ”), which was paid at Closing by the Buyer as follows: an initial aggregate cash payment of $250,000 and the delivery of a promissory note with a principal

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Source: SEC EDGAR

accession 0001140361-25-009726

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