Goldfleet Inc., a Sandy-based company manufacturing and distributing Footbuddy, a shower accessory, has agreed in principle to purchase assets from Concept Films Ltd., an Illinois company contracting for the distribution of low-budget films and videos for limited release.

John Cairo, Goldfleet president, said that under terms of the agreement, Goldfleet will acquire the rights to two screenplays and $100,000 cash from Concept in exchange for Goldfleet restricted common stock.Following the transaction, Concept will own 80 percent of Goldfleet's common stock and the current officers and directors of Concept will be the officers and directors of Goldfleet. Goldfleet will assist in financing films and videos.