Excerpt from Stockwatch...cashed up! Future? 2024-06-12 10:10 ET - News Release
Mr. Paul Ghezzi reports
KONTROL TECHNOLOGIES PROVIDES CORPORATE UPDATE
Kontrol Technologies Corp. has provided a corporate update.
The Company has entered into a definitive Asset Purchase Agreement for the sale of all the operational assets and the assumption of certain liabilities of its wholly owned operating subsidiary CEM Specialties Inc. (CEMSI) (the "CEMSI Sale"). The financial closing date is anticipated to be June 21, 2024. The sale price is $16.25 million minus estimated post-closing adjustments and Kontrol will retain net working capital estimated at $1. 25 million. The total estimated proceeds to Kontrol including retained working capital is approximately $17.3 million.