Pro-Dex Inc. completed the sale of its Fineline Molds division, which manufactures plastic injection molds, for $310,000 to Four Boys Industries Inc.
Originally, the company agreed to sell the division to Mike Bynum, however, under an amendment on May 21 to the agreement, Bynum was replaced by his corporation Four Boys Industries as the buyer.
Four Boys paid $30,000 in cash at closing and the remaining $280,000 will be paid under a five-year promissory note, which bears interest at 4% per annum and requires 60 equal monthly payments of principal and accrued interest in the amount of $5,156.63 each, starting Feb. 15, 2019.
Four Boys' obligations under the promissory note are secured by all of the assets of Fineline it purchased.
