Applied Research Technologies sells interest in ARTOOLS to Avotus
Clients Applied Research Technologies, Inc.
Jones Day represented telecommunications consulting firm Applied Research Technologies and its CEO, Brad Buxton, in the sale of the remaining 51% interest in his company ARTOOLS, LLC to a subsidiary of Canada-based Avotus Corporation. Avotus had purchased a 49% interest in ARTOOLS in September 2004. The original purchase included an option for Avotus to acquire the remaining 51% of ARTOOLS on or before June 4, 2005. Avotus notified ARTOOLS and Mr. Buxton in early May 2005, that it intended to exercise its option to acquire the remaining interest in ARTOOLS. The sale, which closed on June 7, 2005, included the drafting and negotiation of a membership interest option exercise agreement, two promissory notes as well as an employment agreement between Mr. Buxton and Avotus.