Titan Environmental Solutions Inc.: M&A transaction — Titan Environmental Solutions sells food-waste tech subsidiary Recoup for $1M

Titan Environmental Solutions Inc.

Sold wholly-owned subsidiary Recoup Technologies to Recoup Partners for $1M total consideration.
Consideration includes a $250,000 promissory note due Dec 31, 2024 and forgiveness of $750,000 debt owed by Titan to buyer affiliates.
Recoup markets an aerobic digestion technology for on-site food waste disposal.
Non-compete agreement prevents Titan from competing with Recoup's business for 5 years.
Standard reps and warranties survive 18 months for non-fundamental reps.

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

Titan Environmental Solutions Inc. completed a disposition involving Recoup Partners, LLC for $1,000,000 (closed 2024-10-31).

Action: disposition
Counterparty: Recoup Partners, LLC
Consideration: $1,000,000
Closing: 2024-10-31

Exact text from the filing

waste at the point of generation. Pursuant to the Purchase Agreement, the Purchaser purchased from the Company all of the capital stock of Recoup for a purchase price equal to $1,000,000, which consisted of a promissory note of the Purchaser in the principal amount of $250,000 and the cancellation and release by certain affiliates of the Purchaser of indebtedness

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Source: SEC EDGAR

accession 0001493152-24-043347

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