Danka Announces Sale of Austin, Texas Facility.Business Editors/Technology Writers ST. PETERSBURG, Fla.--(BUSINESS WIRE)--July 13, 2001 Danka Business Systems PLC (Nasdaq:DANKY) today announced that it has completed the sale of its Austin, Texas facility, to Sage Land Company, Inc. for the price of $7 Million. Danka will use the 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 sale to reduce the debt under its 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) credit facility. Danka formerly used the property for its Omnifax business, which it sold in 1999. The Company had been leasing the property to Xerox Corporation (company) XEROX Corporation - http://xerox.com/. See also XEROX PARC, XEROX Network Services. . In addition, the Company announced that it has entered into a contract to sell its property in Lenexa, Kansas Lenexa is a city in the central part of Johnson County, located in Northeast Kansas, in the Central United States. The population was estimated to be 43,434 in the year 2005.[] It is the fourth most populous city in the county. for the price of $2.7 Million. This sale is expected to close on Tuesday, July 17, 2001. The Company will also use these proceeds to reduce outstanding borrowings on the Company's TROL Credit Facility. Danka Chief Executive Office, Lang Lowrey, commented: "We are pleased to announce the sale of these properties. The Company has taken non-strategic assets and used the proceeds to further reduce its outstanding debt. We are in the process of looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. other such opportunities as we continue to reduce debt and improve the Company's balance sheet." 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. |
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