Olshan Represents EMRISE Corporation in Sale of Remaining Business Unit
EMRISE Corporation, formerly traded on OTCQB, announced that it has completed the sale of all of the issued and outstanding stock of CXR Anderson Jacobson S.A.S. in France. EMRISE received €1.14 million, made up of a €690,000 cash payment and an unsecured promissory note of €450,000 for this stock. This transaction was completed in connection with EMRISE’s previously announced Plan of Dissolution adopted in June 2015 and also completes the sale of EMRISE’s last operating business unit. The Olshan team who acted as counsel on this transaction included Robert H. Friedman, Elizabeth Gonzalez-Sussman and Honghui Yu. The same Olshan team also previously acted as counsel to EMRISE in connection with the sale of substantially all of its assets that closed in June 2015 and the adoption of the Plan of Dissolution.