Coastcast Announces Non-Binding Agreement to Sell Certain Assets.RANCHO DOMINGUEZ, Calif. -- Coastcast Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :COCA) announced that it has reached a non-binding agreement in principle to sell assets used in the operations of its plants in Rancho Dominguez, California, and Tijuana, Mexico, to a subsidiary of Fu Sheng Industrial Company Limited, a Taiwanese manufacturer of golf clubheads, compressors and electronic components with operations in Taiwan, China and the United States. Hans Buehler, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , stated: "The all-cash transaction is subject to certain conditions, including corporate approvals by both parties. Coastcast will retain its accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying , cash and certain other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. . We believe that given Fu Sheng's complementary business operations, Fu Sheng is the logical choice of purchaser for our business operations, as our precision casting technology will generate synergies and diversification of Fu Sheng's existing operations." |
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