Bioanalytical Systems, Inc. Announces $6.5 Million Sale-Leaseback of Baltimore Facility.WEST LAFAYETTE West Lafayette, city (1990 pop. 25,907), Tippecanoe co., W Ind., a suburb of Lafayette, on the Wabash River; inc. 1924. A primarily residential city, it is the seat of Purdue Univ. , Ind. -- Bioanalytical Systems, Inc. (Nasdaq:BASI) today announced that it has reached an agreement providing for the sale and leaseback sale and leaseback The sale of a fixed asset that is then leased by the former owner from the new owner. A sale and leaseback permits a firm to withdraw its equity in an asset without giving up use of the asset. Also called leaseback. of the building that currently houses its clinical research facility in downtown Baltimore Downtown Baltimore is the section of Baltimore traditionally bounded by Martin Luther King, Jr. Boulevard to the west, Mt. Royal Avenue to the north, President Street to the east and the Inner Harbor area to the south. , Maryland. BASi will receive $6.5 million in cash from the transaction and will lease 85% of the building for three years at near-market rate. Proceeds from the transaction will be used to reduce debt and increase working capital. A purchase agreement was executed, due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. satisfactorily completed, and a nonrefundable $1,000,000 deposit is in escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. . The transaction is scheduled to close in early January, 2005. Bioanalytical Systems, Inc. is a pharmaceutical development company providing contract research services and monitoring instruments to the world's leading drug development and medical device companies. BASi focuses on developing innovative services and products that increase efficiency and reduce costs associated with taking new drugs to market. Visit www.bioanalytical.com for more about BASi. This release contains forward-looking statements that are subject to risks and uncertainties including, but not limited to, risks and uncertainties related to the development of products and services, changes in technology, industry standards and regulatory standards, and various market and operating risks detailed in the company's filings with the Securities and Exchange Commission. |
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