ENSCOR INC.'S SUBSIDIARY, THE EQUION CORPORATION ENTERED A LETTER OF INTENT WITH THERMAL DYNAMICS.TORONTO, ONTARIO, CANADA--(BUSINESS WIRE)--Sept. 6, 1996-- Enscor Inc. ("Enscor") (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : ENZ, NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ENCRF) today announced that its wholly-owned subsidiary, The Equion Corporation, has entered into a letter of intent to sell its industrial cooling products business to Thermal Dynamics, a division of privately-owned Allagash Fluid Controls, Inc. of La Jolla La Jolla (lə hoi`yə), on the Pacific Ocean, S Calif., an uninc. district within the confines of San Diego; founded 1869. The beautiful ocean beaches, in particular La Jolla shores and Black's Beach, and sea-washed caves attract visitors and , California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). . The transaction is valued at $6.5 million U.S., subject to certain adjustments. $3.5 million U.S. will be payable at closing, and the balance will be payable with interest over the 20-month period following closing. Equion will also have the opportunity to earn up to an additional $50,000 based on the achievement of certain base sales targets during the 12-month period following closing. The parties expect to complete the transaction by the end of October 1996. In the fall of 1995, Equion initiated a process to sell its remaining automotive interests. This transaction, together with the recently reported sale of Equion's aftermarket Aftermarket See: Secondary market. aftermarket See secondary market. and heavey duty cooling business, will complete that process. CONTACT: Enscor Inc. and The Equion Corporation Sam Reisman, Chairman, 416/449-3535 or Enscor Inc. Stephen Morrison, President, 416/449-3535 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion