Addington Resources, Inc. announces completion of sales.NEW YORK--(BUSINESS WIRE)--Nov. 2, 1995--Addington Resources, Inc. (NASDAQ-NMS:ADDR ADDR Address ADDR Addressed (stamp and envelope collecting) ADDR Air Data Dead Reckoning ) announced today that it had completed the previously announced sales of its coal mining, mining technology and citrus citrus Any of the plants that make up the genus Citrus, in the rue family, that yield pulpy fruits covered with fairly thick skins. The genus includes the lemon, lime, sweet and sour oranges, tangerine, grapefruit, citron, and shaddock (C. maxima, or C. grandis; also called pomelo). operations to Larry Addington, Bruce Addington and Robert Addington. The company received $30,000,000, before certain working capital adjustments, for the coal mining subsidiaries and its mining equipment manufacturing and licensing subsidiary. Additionally, the Company has received $4,000,000 in cash payments from BHP BHP blood hydrostatic pressure; the pressure exerted by the blood cells and plasma in the capillaries. Australia Coal Pty., Ltd. under the Company's previously announced technology sale. The Company expects to receive an additional $3,000,000 from that sale. The royalty to be received from coal delivered by Tennessee Mining, Inc., could be as much as $12,580,652 which is an increase from the previously announced $12,000,000 maximum. As expected, the Company completed the sale of its citrus operations in exchange for 1,000,000 shares of the Company's common stock. The Company further announced that it had agreed to sell its Addwest Minerals gold and industrial minerals operations to a private Canadian business Canadian Business is the longest-publishing business magazine in Canada. It was founded in 1928 as The Commerce of the Nation, the organ of the Canadian Chamber of Commerce. The magazine was renamed Canadian Business in 1933. group for an aggregate consideration of $5,600,000 consisting of $600,000 in cash, the assumption or repayment of $5,100,000 of liabilities of Addwest Minerals. The Company will pay the $4,330,000 remaining balance of Addwest Minerals' gold loan on the closing of the transaction. The Addwest sale is scheduled to close on December 15, 1995. There can be no assurance that the transaction will be consummated con·sum·mate tr.v. con·sum·mat·ed, con·sum·mat·ing, con·sum·mates 1. a. To bring to completion or fruition; conclude: consummate a business transaction. b. . Failure by the buyer to consummate To carry into completion; to fulfill; to accomplish. A Common-Law Marriage is consummated when the parties live in a manner intended to bring about public recognition of their relationship as Husband and Wife. the transaction will result in forfeiture The involuntary relinquishment of money or property without compensation as a consequence of a breach or nonperformance of some legal obligation or the commission of a crime. The loss of a corporate charter or franchise as a result of illegality, malfeasance, or Nonfeasance. of a $600,000 deposit with the Company. The transaction follows the termination by an earlier intended buyer of its proposal to purchase Addwest Minerals. Upon consummation CONSUMMATION. The completion of a thing; as the consummation of marriage; (q.v.) the consummation of a contract, and the like. 2. A contract is said to be consummated, when everything to be done in relation to it, has been accomplished. of the sale of the gold operations, the Company will have completed the sale of all of its non-environmental operations, with the exception of its limestone limestone, sedimentary rock wholly or in large part composed of calcium carbonate. It is ordinarily white but may be colored by impurities, iron oxide making it brown, yellow, or red and carbon making it blue, black, or gray. The texture varies from coarse to fine. operations. The Company announced in early August 1995 that it intended to focus solely on its environmental operations. The Company intends to use part of the proceeds of the sales to the Addington Family to repay in full outstanding bank debt of $26,000,000 at its environmental operations. The Company further reported that the combination of the Addington sale and the Addwest Minerals sale would result in an after tax loss in the quarter ended September 30, 1995 of approximately $24,000,000. Howard P. Berkowitz, the Chairman of the Board of Directors of the Company stated that, "Upon completion of these divestitures, we will be well positioned to pursue our goal of building a strong environmental company for the benefit of our shareholders, employees and the communities that we serve. These transactions will provide us with a very strong balance sheet and the financial resources to expand our environmental business." CONTACT: Addington Resources, Inc. Howard P. Berkowitz, 212/664-0990 |
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