Tarpon Industries Set To Close on Sale/Leaseback of Haines Road Facility
2006年11月14日 - 4:00AM
ビジネスワイヤ(英語)
Tarpon Industries, Inc. (AMEX:TPO), a manufacturer and distributor
of structural and mechanical steel tubing and engineered steel
storage rack systems, today announced that Steelbank Tubular, a
subsidiary of the company, intends to close on the sale/leaseback
of its property at 2495 Haines Road in Mississauga, Ontario, Canada
to Agellan Investments of Toronto, Canada. The transaction will
allow Tarpon to retire over $4.6 million in existing mortgage
commitments and to add approximately $320,000 of cash to the
balance sheet. �This sale makes good business sense from an
operational point of view, and is an important step in the various
initiatives underway to improve our capital structure,� said James
W. Bradshaw, chairman and chief executive officer. �In addition to
strengthening our balance sheet, the sale relieves the company of
potential environmental liability associated with the property,
while the leaseback portion of the transaction will result in
lowered occupancy costs for Steelbank when comparing current
mortgage debt expense versus going-forward lease expense.� The sale
is expected to close on November 22, 2006, and is subject to
customary closing conditions. There can be no assurance that the
closing conditions will be satisfied or that the closing will
occur. Tarpon Industries, Inc. Tarpon Industries, Inc., through its
wholly owned subsidiaries within the United States and Canada,
manufactures and sells structural and mechanical steel tubing and
engineered steel storage rack systems. The company's mission is to
become a larger and more significant manufacturer and distributor
of structural and mechanical steel tubing, engineered steel storage
rack systems and related products. For more information, please
visit Tarpon's website at http://www.tarponind.com. Forward-Looking
Statements Certain statements made by Tarpon in this presentation
and other periodic oral and written statements, including filings
with the Securities and Exchange Commission, are "forward-looking"
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements, as well as
statements which address operating performance, events or
developments that we believe or expect to occur in the future,
including those that discuss strategies, goals, outlook or other
non-historical matters, or which relate to future sales or earnings
expectations, cost savings, awarded sales, volume growth, earnings
or a general belief in our expectations of future operating
results, are forward-looking statements. The forward-looking
statements are made on the basis of management's assumptions and
estimations. As a result, there can be no guarantee or assurance
that these assumptions and expectations will in fact occur. The
forward-looking statements are subject to risks and uncertainties
that may cause actual results to materially differ from those
contained in the statements. Some, but not all of the risks,
include our ability to obtain future sales, our ability to
successfully integrate acquisitions, changes in worldwide economic
and political conditions, including adverse effects from terrorism
or related hostilities including increased costs, reduced
production or other factors, costs related to legal and
administrative matters, our ability to realize cost savings
expected, inefficiencies related to production that are greater
than anticipated, changes in technology and technological risks,
foreign currency fluctuations, increased fuel costs, increased
steel costs as it relates to our selling price, work stoppages and
strikes at our facilities and those of our customers, the presence
of downturns in customer markets where the company's goods and
services are sold, financial and business downturns of our
customers or vendors, and other factors, uncertainties, challenges,
and risks detailed in Tarpon's public filings with the Securities
and Exchange Commission. Tarpon does not intend or undertake any
obligation to update any forward-looking statements. Tarpon
Industries, Inc. (AMEX:TPO), a manufacturer and distributor of
structural and mechanical steel tubing and engineered steel storage
rack systems, today announced that Steelbank Tubular, a subsidiary
of the company, intends to close on the sale/leaseback of its
property at 2495 Haines Road in Mississauga, Ontario, Canada to
Agellan Investments of Toronto, Canada. The transaction will allow
Tarpon to retire over $4.6 million in existing mortgage commitments
and to add approximately $320,000 of cash to the balance sheet.
"This sale makes good business sense from an operational point of
view, and is an important step in the various initiatives underway
to improve our capital structure," said James W. Bradshaw, chairman
and chief executive officer. "In addition to strengthening our
balance sheet, the sale relieves the company of potential
environmental liability associated with the property, while the
leaseback portion of the transaction will result in lowered
occupancy costs for Steelbank when comparing current mortgage debt
expense versus going-forward lease expense." The sale is expected
to close on November 22, 2006, and is subject to customary closing
conditions. There can be no assurance that the closing conditions
will be satisfied or that the closing will occur. Tarpon
Industries, Inc. Tarpon Industries, Inc., through its wholly owned
subsidiaries within the United States and Canada, manufactures and
sells structural and mechanical steel tubing and engineered steel
storage rack systems. The company's mission is to become a larger
and more significant manufacturer and distributor of structural and
mechanical steel tubing, engineered steel storage rack systems and
related products. For more information, please visit Tarpon's
website at http://www.tarponind.com. Forward-Looking Statements
Certain statements made by Tarpon in this presentation and other
periodic oral and written statements, including filings with the
Securities and Exchange Commission, are "forward-looking"
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements, as well as
statements which address operating performance, events or
developments that we believe or expect to occur in the future,
including those that discuss strategies, goals, outlook or other
non-historical matters, or which relate to future sales or earnings
expectations, cost savings, awarded sales, volume growth, earnings
or a general belief in our expectations of future operating
results, are forward-looking statements. The forward-looking
statements are made on the basis of management's assumptions and
estimations. As a result, there can be no guarantee or assurance
that these assumptions and expectations will in fact occur. The
forward-looking statements are subject to risks and uncertainties
that may cause actual results to materially differ from those
contained in the statements. Some, but not all of the risks,
include our ability to obtain future sales, our ability to
successfully integrate acquisitions, changes in worldwide economic
and political conditions, including adverse effects from terrorism
or related hostilities including increased costs, reduced
production or other factors, costs related to legal and
administrative matters, our ability to realize cost savings
expected, inefficiencies related to production that are greater
than anticipated, changes in technology and technological risks,
foreign currency fluctuations, increased fuel costs, increased
steel costs as it relates to our selling price, work stoppages and
strikes at our facilities and those of our customers, the presence
of downturns in customer markets where the company's goods and
services are sold, financial and business downturns of our
customers or vendors, and other factors, uncertainties, challenges,
and risks detailed in Tarpon's public filings with the Securities
and Exchange Commission. Tarpon does not intend or undertake any
obligation to update any forward-looking statements.
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