MKTG Services Inc. has signed a definitive agreement to sell its Northeast direct marketing operations to CBC Cos. Inc., a privately-held credit and information services company, for $11 million in cash plus the assumption of all directly related liabilities.
The sale of the assets are expected to help the company maintain its listing on the Nasdaq Small-Cap Market, MKTG Services CEO Jeremy Barbera said in a statement.
The sale involved the direct marketing operations in New York, Philadelphia and Boston, which include list management, list brokerage and database marketing.
"As a result of this transaction, MKTG will be left with its historically profitable telemarketing and telefundraising operations in Los Angeles and adequate working capital to function as a going concern," Barbera said.
The closing is expected within 30 days.
CBS, founded in 1948, is a nationwide organization with more than 75 business offices and 1,500 employees.
