Courier Corporation Completes Sale of Unused Portion of Its Multi-Building Manufacturing Complex in Westford, Massachusetts.Business Editors NORTH CHELMSFORD, Mass.--(BUSINESS WIRE)--May 26, 2004 Courier Corporation (Nasdaq: CRRC CRRC Cool Roof Rating Council CRRC Combat Rubber Raiding Craft CRRC Caucasus Research Resource Center CRRC California Refuse Removal Council CRRC Chesapeake Regional Ranges Cooperative CRRC Construction Requirements Review Committee CRRC Combat Rigid Raiding Craft ), one of America's leading book manufacturers and specialty publishers, today announced that it has completed its previously announced agreement to sell approximately 200,000 square feet of unoccupied and underutilized portions of its multi-building manufacturing complex in Westford, Massachusetts Westford is a town in Middlesex County, Massachusetts, United States. The population was 20,754 at the 2000 census. History Westford was first settled in 1635. Originally a part of neighboring Chelmsford, West Chelmsford soon grew large enough to sustain its own for $1.7 million. The buyer, Abbot Mill LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , intends to convert this facility into high-end residential dwellings. Courier will continue its current levels of book manufacturing at the site. James F. Conway III, Chairman and Chief Executive Officer stated, "The completion of this property sale will result in reductions in our building operating costs without impacting our book manufacturing operations in Westford. The agreement requires that we incur certain post closing costs Closing Costs The numerous expenses (over and above the price of the property) that buyers and sellers normally incur to complete a real estate transaction. Costs incurred include loan origination fee, discount points, appraisal fee, title search, title insurance, survey, taxes, , such as the separation of all utilities within the complex. Although these costs could be significant, the Company anticipates realizing a small gain on the sale. "We are pleased to know that the property will be put back to productive use, and wish every success to its new owner, Abbot Mill, LLC. I would also like to acknowledge the cooperative efforts of the various boards within the Town of Westford for providing the opportunity to return these historic multi-story structures to a prominent place within the Westford community." About Courier Corporation Courier Corporation prints, publishes and sells books. Headquartered in North Chelmsford, Mass., Courier has two lines of business: full-service book manufacturing and specialty book publishing. For more information, visit www.courier.com. Portions of this release contain forward-looking statements within the meaning of the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such statements are subject to important factors and uncertainties, which could cause Courier's actual results to differ materially from those anticipated by the forward-looking statements. These factors could include those referenced in the Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. or as may be described from time to time in Courier's subsequent SEC filings. |
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