Danka Announces Further Progress in Relocation to New St. Petersburg, Florida Headquarters.Business Editors/Technology Writers ST. PETERSBURG, Fla.--(BUSINESS WIRE)--Oct. 23, 2002 Sale of Three Real Estate Properties On Present Corporate Campus Completes Liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy of Financing Obligations Danka Business Systems PLC (Nasdaq:DANKY) today announced that three properties located on its current corporate campus have been sold to local buyers for the sum of $3.5 Million. The company will continue to occupy these properties under flexible, short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. leases until its employees can be transitioned into the company's new, state of the art Corporate Headquarters located across Roosevelt Boulevard The following roads are called Roosevelt Boulevard:
Approximately $2.3 Million of the sale proceeds were used to pay back lenders under the company's Tax Retention Operating Lease Operating Lease A lease contract that allows the use of an asset, but does not convey rights similar to ownership of the asset. Notes: An operating lease is not capitalized it is accounted for as a rental expense. (TROL) financing facility, which has now been fully repaid and terminated. The Company will receive net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of approximately $880,000 which it intends to use for further debt reduction. Danka Chief Executive Officer, Lang Lang language LANG Louisiana Army National Guard Lang Langobardian (linguistics) LANG Los Angeles Newspaper Guild Lowrey, commented: "This transaction represents the final step toward our goal of uniting the vast majority of our St. Petersburg employees under the same roof. In this instance, we were able to not only complete the transaction for our TROL facility to sell the properties, but also give the company the opportunity to smoothly transition our employees into the new Corporate Headquarters as it becomes ready to occupy. We are excited about the opportunity to improve the interaction of our employees and enhance our operations in the new Corporate Headquarters building. Finally, as we previously announced, this transaction culminates the repayment of approximately $34.4 million to the TROL lenders from the sale of properties over the last five quarters and eliminates the company's exposure to the risk of real estate ownership." About Danka Danka delivers value to clients worldwide by using its expert technical and professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. to implement effective document information solutions. As one of the leading independent providers of enterprise imaging systems and services, the company enables choice, convenience, and continuity. Danka's vision is to empower empower verb To encourage or provide a person with the means or information to become involved in solving his/her own problems customers to benefit fully from the convergence of image and document technologies in a connected environment. This approach will strengthen the company's client relationships and expand its strategic value. For more information, visit Danka's web site at http://www.danka.com. Certain statements contained in this press release, including statements related to Danka's future business and financial performance, are forward-looking. Such statements reflect the current views of Danka with respect to future events and are subject to certain risks, uncertainties and assumptions that could cause actual results to differ materially from those reflected in the forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Readers are cautioned not to place undue reliance on these forward looking statements, which reflect management's analysis only as of the date they are made. Danka is a registered trademark and Danka @ the Desktop is a trademark of Danka Business Systems PLC. All other trademarks are the property of their respective owners. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion