Minneapolis-based Developed Technology Resource (DTR) has announced the sale of its 30% interest in the Delaware limited liability company Foodmaster International.
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DTR’s member interest was redeemed by Foodmaster International for US$500,000 in cash and promissory notes of Foodmaster International in the principal aggregate amount of US$1m, all due by 31 March 2003, with a US$100,000 discount if paid on or before 30 June 2002.
In making the announcement, DTR’s VP, John Hupp, stated: “As things developed, we realised that Foodmaster would not very likely provide us with any significant revenues for several years, and since the company was in need of cash to continue its operations, we seized upon the opportunity to liquidate our interest.”
Through its subsidiaries, Foodmaster International owns and operates facilities in Kazakhstan which manufacture and sell a variety of dairy products.
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