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Acquisition of Business
 6 Months Ended
Feb. 28, 2014
Acquisition of Business  
Acquisition of Business

4. Acquisition of Business

 

In July 2013, the Company, through a wholly owned subsidiary, entered into an agreement with several third parties to acquire an LED production business, which included certain contractual rights, intellectual property, equipment and assets related to the production of LED components, and assumed certain trade and business-related payables. Pursuant to such agreement, the Company entered into an assignment and assumption agreement dated July 31, 2013 to acquire certain equipment and patents used in the manufacturing of LED components, originally executed by one of the foregoing third parties. Total cash consideration for the acquisition amounted to $2,921 thousand. The Company paid $888 thousand in fiscal 2013 and the remaining balance in the amount of $2,069 thousand during the six months ended February 28, 2014. Payments were translated into U.S. dollar at the exchange rates in effect at the time of payment.