CFS International Inc. Company Update.TORONTO--(BUSINESS WIRE)--Nov. 17, 1997--CFS International (VSE See DOS/VSE. VSE - Virtual Storage Extended :CFY CFY Clinical Fellowship Year (often used in speech-language pathology education/jobs) CFY Current Fiscal Year CFY Contractor Fiscal Year CFY Company Fiscal Year .) The Company announces that it has reached an agreement, subject to regulatory approval and certain conditions, to sell its Ottawa shopping mall property for a sales price of $18,025,000. The net cash sales sales made for ready, money, in distinction from those on which credit is given; stocks sold, to be delivered on the day of transaction. See also: Cash proceeds of approximately $8 million upon closing, after expenses and discharge of the mortgage, would be used primarily in the further development of the businesses in China. The book loss on this transaction is estimated at $2.4 million, or $0.06 per share. The transaction is the final step in the Company's program to dispose of To determine the fate of; to exercise the power of control over; to fix the condition, application, employment, etc. of; to direct or assign for a use. See also: Dispose non-core assets inconsistent with its focus to develop the retailing and related businesses in China. CFS CFS abbr. chronic fatigue syndrome CFS, n.pr See syndrome, chronic fatigue. CFS Chronic fatigue syndrome, see there International Inc. is an international trading, manufacturing, retailing, and investment company, with its shares traded on the VSE under they symbol "CFY". The VSE has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this press release. CONTACT: CFS International Inc. Alec Lam, 416/385-2882 416/385-7135 (FAX) |
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