Item 2.01 Completion of Acquisition or Disposal of Assets
As previously announced, the September 27, 2022, FBO Air-Garden City, Inc.(“FBO GCK”) a wholly owned subsidiary of Saker Aviation Services, Inc. (the “Company”) has entered into an FBO transfer agreement (the “Agreement”) with Crosby Flying Services, LLC (the “Purchaser”) pursuant to which FBO GCK has agreed (i) to sell to the Purchaser substantially all of its assets (the “Assets”) and none of its liabilities, and (ii) an undertaking of seven-year non-competition (the “Non-Competition”) whereby the Company, including its subsidiaries and affiliates, will not engage in any activity involving the operation of a fixed base operation supplying fuels and aviation lubricants or the supply of other goods or the supply of services generally furnished or performed to fixed base operations at airports to any facility located within one hundred (100) miles of the Garden City Regional Airport in Garden City, Kansas (the “Airport”), for
On October 31, 2022 (the “Closing Date”), FBO GCK completed the sale of the assets to the purchaser and became subject to the non-competition, for an aggregate purchase price of $1.5 million, after certain closing adjustments. The buyer has paid 90% of the purchase price on the closing date, with the remainder to be paid in cash on the first anniversary of the closing date subject to compliance by FBO GCK and the company with the non-competition, in accordance with the agreement. A copy of the agreement was filed as Exhibit 10.1 to the company’s current report on Form 8-K filed with the Security and Exchange Commission on October 3, 2022and is incorporated herein by reference.
Item 9.01 Financial statements and supporting documents.
Exhibit No. Description
10.1* FBO Transfer Agreement between FBO Air-Garden City Inc. and Crosby
Flying Services, LLC dated September 27, 2022, incorporated by reference
from exhibit 10.1 to the Company's Current Report on Form 8-K filed
October 3, 2022.
104 Cover Page Interactive Data File (embedded within the Inline XBRL
* Schedules and similar attachments have been omitted pursuant to Section 601(a)(5)
of the SK regulations. The company provide a copy of any program omitted or
an attachment similar to Security and Exchange Commission on demand.
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