WOOD COMPOSITE TECHNOLOGIES INC. ANNOUNCES CLOSING OF SALE OF NISKU PROPERTY AND PELLET MILL EQUIPMENT AND THE RELEASE OF ITS IN
June 22 2011 - 3:07PM
PR Newswire (Canada)
NISKU, AB, June 22, 2011 /CNW/ -- NISKU, AB, June 22, 2011 /CNW/ -
Wood Composite Technologies Inc. (TSX-V: WCT) (the "Company") is
pleased to announce it has completed an early closing of the sale
of its Nisku property and has sold certain pellet mill
equipment. The Nisku property transaction was previously
scheduled to close on July 24, 2011. Further to the announcements
on April 1 and May 13, 2011, the Company has completed the sale of
its pellet mill plant location in Nisku, Alberta along with certain
pieces of production equipment to DiCorp Properties Inc. for gross
proceeds of $2,325,000 cash. The Company has leased back a portion
of the property to maintain its executive offices as well as to
store and sell inventory until September 30, 2011. The Company also
announced it has sold a portion of the remaining pieces of its
pellet mill equipment for gross proceeds of $101,700 cash including
GST. Although there is no formal agreement existing at this
time for future pellet production services, the Company expects
that it will be able to secure custom pellet production services
from a range of service providers as and when and if the company
determines it requires them, if ever. The Company is also pleased
to announce the release of its financial and operating results for
the three months ended March 31, 2011 (the "Interim Financial
Statements"). The Interim Financial Statements have been
filed today via SEDAR and are accessible at www.sedar.com. About
Wood Composite Wood Composite is listed on the TSX Venture Exchange
under the symbol "WCT" and maintains certain patents and processes
that are proprietary to the Company which utilize recycled post
industrial materials. The TSX Venture Exchange does not accept
responsibility for the adequacy or accuracy of this release. To
view this news release in HTML formatting, please use the following
URL:
http://www.newswire.ca/en/releases/archive/June2011/22/c8516.html p
John Greenwoodbr/ President and Chief Executive Officerbr/
Telephone: (780) 955-3525br/ Facsimile: (780) 955-7075br/
Websites: a href="http://www.woodcomp.com/"www.woodcomp.com/a.
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