NRRutter Inc. Announces Sale of Investment Property
ST. JOHN'S, NL, Oct. 16, 2012 /CNW/ - Today Rutter Inc. (TSX: RUT) announced that it has concluded the sale of its investment property for US$ 1,350,000. Proceeds were used to pay off the mortgage of US$1,335,000.
In commenting on the sale, Fraser H. Edison, President & CEO said "this building in the US remained with the Company following the disposition of the Controls & Automation business in 2009 and it has been both rented to a tenant and listed for sale since that time. With the challenges that have existed in the US real estate market, it has taken some time to find the right buyer. We are pleased to now have this transaction concluded as we continue our focus on core business operations. The repayment of the mortgage also improves the Company's working capital position; the mortgage which was due for renewal in December 2012 has been reflected in current liabilities in the Company's balance sheet in our recent quarterly financial statements."
About Rutter Inc. - Rutter is an enterprise focused on providing innovative technologies and engineering solutions. Rutter's global network supplies technologies to improve efficiency and safety in the marine, defense, transportation, oil and gas sectors from its headquarters in the Province of Newfoundland and Labrador. For more information see www.rutter.ca