LOS ANGELES — TAP Holdings, LLC, the majority-owned subsidiary of Cash Technologies, Inc., has completed its acquisition of certain assets and liabilities of Tomco Auto Products, a leading manufacturer of vehicular fuel system components.
The company acquired Tomco for $2.5 million. Cash Tech will recognize approximately $5.5 million in extraordinary (non-cash) income and a corresponding reduction in the company’s negative shareholders equity. As a result, the company expects to report a profit for the current fiscal quarter, which ends on Nov. 30.
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