Greensteel, a wholly-owned subsidiary of PolyVision Corp., paid$2 million cash upon closing and will pay up to an additional $1.5million in contingent earn-out payments based on net sales ofMicrofield's SoftBoard products over the next five years. The saleleaves Microfield a public shell company with one employee, CEOJack Conroy, and about $1.3 million in the bank.
Yesterday, shares in the company were trading somewhere in the16-cent range on the OTC Bulletin Board under the symbol MICG."Significantly undervalued," Conroy tells GlobeSt.com. "A publicshell has value over and above its asset value, and the reason isthere 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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