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On September 7, 2004, PhotoMedex closed the transaction with Stern Laser in accordance with a Master Asset Purchase Agreement (the "Master Agreement").
Under the parties' master asset purchase agreement, Granite City has the right to purchase the assets of a Cadillac Ranch restaurant under construction in Indianapolis, Indiana, and a Cadillac Ranch restaurant in Hallandale Beach, Florida, subject in both cases to satisfaction of the conditions precedent to the parties' obligations under the master agreement.
The master asset purchase agreement among the parties contemplates the purchase of the assets of up to five additional Cadillac Ranch restaurants.