Accountabilities Inc., a provider of staffing and marketing services to CPA firms, announced that it has entered into an asset purchase and reorganization agreement with Tilden Associates Inc. and TFP Acquisition Co. LLC.Tilden’s chief line of business is the sale of automotive franchises, and the administration and support of auto repair centers. TFB Acquisition is a newly formed company controlled by Tilden’s chairman and president, Robert Baskind.
The purchase price for the Accountabilities assets will be 12.5 million shares of Tilden's common stock, with was trading at 6 cents last week, putting the worth of the assets at $18.7 million. Post-transaction, and a proposed 1-for-25 reverse stock split, those shares would represent approximately 96 percent of Tilden's outstanding shares. Accountabilities stock traded around 65 cents for much of last week.
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