Greensteel, a wholly-owned subsidiary of PolyVision Corp., paid $2 million cash upon closing and will pay up to an additional $1.5 million in contingent earn-out payments based on net sales of Microfield's SoftBoard products over the next five years. The sale leaves Microfield a public shell company with one employee, CEO Jack Conroy, and about $1.3 million in the bank.
Yesterday, shares in the company were trading somewhere in the 16-cent range on the OTC Bulletin Board under the symbol MICG. "Significantly undervalued," Conroy tells GlobeSt.com. "A public shell has value over and above its asset value, and the reason is there are a lot of private companies interested in being public, especially when the IPO window shuts down, as it has now."
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