Visualant announces plans to sell restricted common stock to Seaside

One-year deal contemplates selling shares at $0.25 apiece or higher

By Devika Patel

Knoxville, Tenn., Dec. 29 - Visualant, Inc. negotiated a one-year stock purchase agreement with Seaside 88, LP on Dec. 23, according to an 8-K filed Wednesday with the Securities and Exchange Commission.

Seaside 88 has committed to purchase restricted common shares over the course of a year. Visualant will not be obligated to sell the stock at a price lower than $0.25 per share, and Seaside's ownership of the company's stock may not exceed 4.99%.

Seattle-based Visualant develops security and authentication systems technology.

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