Day4 Energy Inc. says it has completed its previously announced sale of its subsidiary Day4 ecoTec GmbH. The sale was completed on March 31 to a company controlled by an unnamed director of Day4.
Under the terms of the transaction, the acquirer will receive 100% of issued and outstanding shares of Day4 ecoTec from Day4. The sale is expected to significantly reduce Day4's monthly operating costs as well as its long- and short-term debt, the company says. As a result of the transaction, Day4's staff will be reduced from 132 employees to 50 employees.
In connection with the sale, certain long-term relationship agreements and non-competition agreements were terminated. These agreements were initially entered into at the time Day4 acquired Day4 ecoTec.Â
