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Emrise Corporation Signs Letter Of Intent To Sell Cxr-anderson Jacobson In France

Letter of Intent

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EMRISE CORP | EMRISE CORPORATION

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Title: EMRISE CORPORATION SIGNS LETTER OF INTENT TO SELL CXR-ANDERSON JACOBSON IN FRANCE
Date: 12/28/2015
Industry: Electronic Instr. and Controls     Sector: Technology

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Exhibit 99.1

 

 

 

 

 

  NEWS

  EMRISE

CORPORATION

www.emrise.com

 


CONTACT:

DresnerAllenCaron

Rene Caron (investors)

(949) 474-4300

rcaron@dresnerallencaron.com

 

EMRISE CORPORATION SIGNS LETTER OF INTENT TO SELL

CXR-ANDERSON JACOBSON IN FRANCE

 

WOODBRIDGE, NJ – December 28, 2015 – EMRISE CORPORATION (formerly traded on OTCQB under the symbol EMRI) (“EMRISE” or the “Company”), today announced that it has signed a Letter of Intent to sell all of the issued and outstanding stock of CXR Anderson Jacobson S.A.S. based in France (“CXR-AJ”) to Carmine T. and Georgeann Oliva or an entity that would be wholly owned by them (the “Purchaser”).  Oliva is the former Chairman and CEO of EMRISE Corporation, and he was also the President of CXR-AJ.

 

The proposed transaction (the “Transaction”) will require further documentation including a Definitive Agreement setting forth the terms and conditions of the Transaction.  The Transaction is also subject to the satisfactory completion of due diligence by the Purchaser.  Further terms were not disclosed.

 

The Transaction, if and when it is completed, will be done in connection with the Company’s previously announced voluntary Plan of Dissolution (the “Plan”) that was approved by its stockholders at a special meeting of stockholders held on June 25, 2015.  This Transaction would complete the sale of the Company’s last operating business unit.

 

Forward Looking Statements

 

Certain statements in this press release and oral statements made from time to time by representatives of EMRISE 


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