Gum Tech International Inc., announced on Thursday that it has signed a definitive agreement to sell selected assets of its gum business to the Wrigley Jr. Company. In the agreement the Wrigley Company is to pay $25 million to acquire Gum Tech's manufacturing operations and certain contracts and other assets associated with its gum business. Theagreement also provides for royalty payments on certain gum products and short-term, general service agreements during a transition period. The acquisition is subject to a number of conditions, including approval by the shareholders of Gum Tech, and isexpected to be completed during the second quarter of 2001.
