SEC Filing Summary: Access Integrated Technologies, Inc. (Form 8-K)
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Access Integrated Technologies, Inc. (Delaware corporation) on October 21, 2004, reporting events occurring on October 19, 2004. The registrant is headquartered in Morristown, New Jersey. The filing discloses the entry into a material definitive agreement regarding the acquisition of assets from FiberSat Global Services, LLC.
Key Financial Metrics
The filing text does not provide specific financial metrics such as revenue, profit, cash flow, margins, debt, or liquidity figures for the reporting period. The document focuses exclusively on the announcement of a corporate transaction.
Material Changes and Transaction Details
On October 19, 2004, Access Integrated Technologies, Inc. and its wholly-owned subsidiary, FiberSat Global Services Inc. (the "Purchaser"), entered into an asset purchase agreement with FiberSat Global Services, LLC (the "Company") and its members. Key terms include:
- Transaction Type: Acquisition of substantially all assets and assumption of specified liabilities.
- Target Business: The Company operates teleport facilities in Chatsworth, California, providing satellite ground services and fiber-optic connectivity.
- Counterparties: The agreement involves the Company's members, including Richard Wolfe, Ravi Patel, McKibben Communications, Globecomm Systems, Inc., Timothy Novoselski, Scott Smith, and Michael Farina.
- Conditions: The transaction is subject to customary closing conditions.
Guidance, Outlook, and Risks
The filing does not contain forward-looking guidance, management commentary on future financial performance, or specific risk factors beyond the standard disclosure that the transaction is subject to closing conditions. No unusual items or contingencies were detailed in the text provided.
Investor Verification Checklist
- Verify the final closing status of the asset purchase agreement with FiberSat Global Services, LLC.
- Review the attached press release (Exhibit 99.1) for specific purchase price details and valuation metrics not included in the 8-K text.
- Confirm the specific liabilities being assumed by the Purchaser as part of the transaction.
- Monitor subsequent filings for the impact of this acquisition on the registrant's consolidated financial statements.